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Earnings Per Share

6 Months Ended

Jun. 30, 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 37,899,453 and 37,719,026 shares of Class A common stock outstanding as of June 30, 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 and six months ended June 30, 2024 and 2023.

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


		For the three months ended						For the six months ended
		June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net income		$	26,135		$	32,557		$	57,526		$	72,840
Less: income allocated to participating securities			(89)			(69)			(154)			(110)
Income allocated to common shareholders		$	26,046		$	32,488		$	57,372		$	72,730
Weighted average shares outstanding for basic earnings per common share			38,210,869			37,957,287			38,121,114			37,871,862
Dilutive effect of equity awards			161,908			150,039			178,321			220,846
Weighted average shares outstanding for diluted earnings per common share			38,372,777			38,107,326			38,299,435			38,092,708
Basic earnings per share		$	0.68		$	0.86		$	1.51		$	1.92
Diluted earnings per share			0.68			0.85			1.50			1.91

The Company had 709,026 and 819,863 outstanding stock options to purchase common stock at weighted average exercise prices of $31.50 and $30.34 per share at June 30, 2024 and 2023, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 520,918 and 442,565 unvested restricted shares and performance stock units issued as of June 30, 2024 and 2023, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those restricted shares and units is dilutive.