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Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share  
Earnings Per Share

Note 13 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 11.

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The Company had 38,094,105 and 37,806,148 shares of Class A common stock outstanding as of March 31, 2025 and 2024, 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, 2025 and 2024.

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The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:

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For the three months ended March 31,

​

​

2025

​

2024

Net income

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$

24,231

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$

31,391

Less: income allocated to participating securities

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​

(182)

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​

(64)

Income allocated to common shareholders

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$

24,049

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$

31,327

Weighted average shares outstanding for basic earnings per common share

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​

38,068,455

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​

38,031,358

Dilutive effect of equity awards

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​

161,414

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​

157,122

Weighted average shares outstanding for diluted earnings per common share

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38,229,869

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38,188,480

Basic earnings per share

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$

0.63

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$

0.82

Diluted earnings per share

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​

0.63

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​

0.82

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The Company had 560,386 and 749,123 outstanding stock options to purchase common stock at weighted average exercise prices of $32.93 and $30.94 per share at March 31, 2025 and 2024, 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 147,955 and 148,538 unvested performance stock units issued as of March 31, 2025 and 2024, 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 units is dilutive.