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Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share

Earnings Per Share

Note 18 Earnings Per Share

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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.

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The Company had 38,054,482 and 37,784,851 shares of Class A common stock outstanding as of December 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 2024, 2023 and 2022.

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The following table illustrates the computation of basic and diluted earnings per share for 2024, 2023 and 2022:

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​	​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​	​	2024		​	2023		​	2022
Net income	​	$	118,815	​	$	142,048	​	$	71,274
Less: income allocated to participating securities	​	​	(327)	​	​	(243)	​	​	(152)
Income allocated to common shareholders	​	$	118,488	​	$	141,805	​	$	71,122
Weighted average shares outstanding for basic earnings per common share	​	​	38,212,304	​	​	37,937,579	​	​	32,360,005
Dilutive effect of equity awards	​	​	206,822	​	​	173,629	​	​	320,927
Weighted average shares outstanding for diluted earnings per common share	​	​	38,419,125	​	​	38,111,208	​	​	32,680,932
Basic earnings per share	​	$	3.10	​	$	3.74	​	$	2.20
Diluted earnings per share	​	​	3.08	​	​	3.72	​	​	2.18

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The Company had 563,992, 755,546 and 717,088 outstanding stock options to purchase common stock at weighted average exercise prices of $32.90, $30.95 and $29.79 per share at December 31, 2024, 2023 and 2022, 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 490,278, 412,366 and 320,994 unvested restricted shares and performance stock units issued as of December 31, 2024, 2023 and 2022, 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.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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