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Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Earnings Per Share

Note 18 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 16.

The Company had 37,784,851 and 37,608,519 shares of Class A common stock outstanding as of December 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 2023, 2022 and 2021.

The following table illustrates the computation of basic and diluted earnings per share for 2023, 2022 and 2021:


		For the years ended December 31,
		2023			2022			2021
Net income		$	142,048		$	71,274		$	93,606
Less: income allocated to participating securities			(243)			(152)			(133)
Income allocated to common shareholders		$	141,805		$	71,122		$	93,473
Weighted average shares outstanding for basic earnings per common share			37,937,579			32,360,005			30,727,566
Dilutive effect of equity awards			173,629			320,927			340,593
Weighted average shares outstanding for diluted earnings per common share			38,111,208			32,680,932			31,068,159
Basic earnings per share		$	3.74		$	2.20		$	3.04
Diluted earnings per share			3.72			2.18			3.01

The Company had 755,546, 717,088 and 695,960 outstanding stock options to purchase common stock at weighted average exercise prices of $30.95, $29.79 and $28.19 per share at December 31, 2023, 2022 and 2021, 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 412,366, 320,994 and 304,861 unvested restricted shares and performance stock units issued as of December 31, 2023, 2022 and 2021, 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.