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Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share  
Earnings Per Share

Note 14 Earnings Per Share

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The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 12.

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The Company had 37,641,381 and 30,008,781 shares of Class A common stock outstanding as of March 31, 2023 and 2022, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three months ended March 31, 2023 and 2022.

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The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022:

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For the three months ended

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March 31, 2023

    

March 31, 2022

Net income

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$

40,283

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$

18,352

Less: income allocated to participating securities

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(42)

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(33)

Income allocated to common shareholders

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$

40,241

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$

18,319

Weighted average shares outstanding for basic earnings per common share

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37,785,488

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30,120,195

Dilutive effect of equity awards

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289,485

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359,066

Weighted average shares outstanding for diluted earnings per common share

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38,074,973

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30,479,261

Basic earnings per share

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$

1.06

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$

0.61

Diluted earnings per share

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​

1.06

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​

0.60

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The Company had 715,188 and 691,083 outstanding stock options to purchase common stock at weighted average exercise prices of $29.82 and $28.18 per share at March 31, 2023 and 2022, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 296,853 and 250,449 unvested restricted shares and performance stock units issued as of March 31, 2023 and 2022, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those restricted shares and units is dilutive.