Earnings per Share (Notes)

3 Months Ended

Mar. 31, 2025

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to RSUs. The following table summarizes the dilutive effect of RSUs on common stock for the three months ended March 31, 2025 and 2024:


	Three months ended March 31,
		2025	2024
Weighted average common shares—basic		40,605,288	41,018,049
Dilutive effect of restricted stock units		364,011	303,965

Weighted average common shares—diluted		40,969,299	41,322,014

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. In the three months ended March 31, 2025, the Company purchased 20,491 shares of its outstanding common stock for $0.5 million. During the three months ended March 31, 2024, the Company purchased 540,037 shares of its outstanding common stock for $13.3 million. As of March 31, 2025, the Company had $67.2 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended March 31, 2025, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.6 million. In the three months ended March 31, 2024, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million.