XML 34 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Earnings Per Share
 3 Months Ended
Mar. 31, 2024
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 37,806,148 and 37,641,381 shares of Class A common stock outstanding as of March 31, 2024 and 2023, 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, 2024 and 2023.

​

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

    

March 31, 2024

    

March 31, 2023

Net income

​

$

31,391

​

$

40,283

Less: income allocated to participating securities

​

 

(64)

​

 

(42)

Income allocated to common shareholders

​

$

31,327

​

$

40,241

Weighted average shares outstanding for basic earnings per common share

​

 

38,031,358

​

 

37,785,488

Dilutive effect of equity awards

​

 

157,122

​

 

289,485

Weighted average shares outstanding for diluted earnings per common share

​

 

38,188,480

​

 

38,074,973

Basic earnings per share

​

$

0.82

​

$

1.06

Diluted earnings per share

​

​

0.82

​

​

1.06

​

The Company had 749,123 and 715,188 outstanding stock options to purchase common stock at weighted average exercise prices of $30.94 and $29.82 per share at March 31, 2024 and 2023, 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 386,200 and 296,853 unvested restricted shares and performance stock units issued as of March 31, 2024 and 2023, 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.