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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

15. Earnings Per Share

We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share information):

Three Months Ended March 31,

2024

2023

Numerator

Net income

$

64,332

$

33,311

Denominator

Weighted average common shares outstanding - basic

31,808,959

31,914,414

Dilutive effect of stock-based compensation awards

429,849

202,668

Weighted average common shares outstanding - diluted

32,238,808

32,117,082

Earnings per share:

Basic

$

2.02

$

1.04

Diluted

$

2.00

$

1.04

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.5 million and 0.5 million common stock unit equivalents from diluted earnings per share during the three months ended March 31, 2024 and 2023, respectively, related to the PSUs for which performance conditions remained unsatisfied.