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Earnings Per Share

9 Months Ended

Sep. 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 37,988,364 and 37,739,776 shares of Class A common stock outstanding as of September 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 nine months ended September 30, 2024 and 2023.

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


		For the three months ended						For the nine months ended
		September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net income		$	33,105		$	36,087		$	90,631		$	108,927
Less: income allocated to participating securities			(89)			(68)			(242)			(179)
Income allocated to common shareholders		$	33,016		$	36,019		$	90,389		$	108,748
Weighted average shares outstanding for basic earnings per common share			38,277,042			37,990,659			38,173,469			37,911,896
Dilutive effect of equity awards			218,049			143,679			194,542			182,014
Weighted average shares outstanding for diluted earnings per common share			38,495,091			38,134,338			38,368,011			38,093,910
Basic earnings per share		$	0.86		$	0.95		$	2.37		$	2.87
Diluted earnings per share			0.86			0.94			2.36			2.85

The Company had 625,115 and 811,245 outstanding stock options to purchase common stock at weighted average exercise prices of $32.60 and $30.34 per share at September 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 517,522 and 435,674 unvested restricted shares and performance stock units issued as of September 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.