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Earnings Per Share

9 Months Ended

Sep. 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 37,739,776 and 33,189,253 shares of Class A common stock outstanding as of September 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 nine months ended September 30, 2023 and 2022.

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


		For the three months ended						For the nine months ended
		September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net income		$	36,087		$	15,839		$	108,927		$	54,553
Less: income allocated to participating securities			(68)			(39)			(179)			(111)
Income allocated to common shareholders		$	36,019		$	15,800		$	108,748		$	54,442
Weighted average shares outstanding for basic earnings per common share			37,990,659			31,259,188			37,911,896			30,539,266
Dilutive effect of equity awards			143,679			271,887			182,014			295,364
Weighted average shares outstanding for diluted earnings per common share			38,134,338			31,531,075			38,093,910			30,834,630
Basic earnings per share		$	0.95		$	0.51		$	2.87		$	1.78
Diluted earnings per share			0.94			0.50			2.85			1.77

The Company had 811,245 and 730,502 outstanding stock options to purchase common stock at weighted average exercise prices of $30.34 and $29.56 per share at September 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 435,674 and 325,202 unvested restricted shares and performance stock units issued as of September 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.