Earnings Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive

potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended September 30,
(in thousands)	2024		2023
Net income	$	29,051	$	30,590
Average number of common shares outstanding	32,993		33,263
Effect of dilutive stock options and restricted stock	144		56
Average number of common shares outstanding used to calculate diluted earnings per share	33,137		33,319
Options excluded from diluted earnings per share because of their antidilutive effect	—		—


	Nine months ended September 30,
(in thousands)	2024		2023
Net income	$	85,834	$	91,315
Average number of common shares outstanding	33,119		33,259
Effect of dilutive stock options and restricted stock	132		97
Average number of common shares outstanding used to calculate diluted earnings per share	33,251		33,356
Options excluded from diluted earnings per share because of their antidilutive effect	—		—