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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share

Earnings Per Share

Note 14 Earnings Per Share

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.

The Company had 37,719,026 and 30,075,175 shares of Class A common stock outstanding as of June 30, 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 and six months ended June 30, 2023 and 2022.

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022:


		For the three months ended						For the six months ended
		June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Net income		$	32,557		$	20,362		$	72,840		$	38,714
Less: income allocated to participating securities			(69)			(37)			(110)			(72)
Income allocated to common shareholders		$	32,488		$	20,325		$	72,730		$	38,642
Weighted average shares outstanding for basic earnings per common share			37,957,287			30,225,898			37,871,862			30,173,338
Dilutive effect of equity awards			150,039			267,367			220,846			319,275
Weighted average shares outstanding for diluted earnings per common share			38,107,326			30,493,265			38,092,708			30,492,613
Basic earnings per share		$	0.86		$	0.67		$	1.92		$	1.28
Diluted earnings per share			0.85			0.67			1.91			1.27

The Company had 819,863 and 736,449 outstanding stock options to purchase common stock at weighted average exercise prices of $30.34 and $29.54 per share at June 30, 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 442,565 and 317,059 unvested restricted shares and performance stock units issued as of June 30, 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.