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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares. The following tables set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net income |  | $ | 48,984 |  |  | $ | 15,837 |  |  | $ | 98,668 |  |  | $ | 31,388 |
Basic weighted average shares outstanding |  | 30,856 |  |  | 30,741 |  |  | 30,815 |  |  | 30,638 |
Stock compensation |  | 256 |  |  | 770 |  |  | 333 |  |  | 758 |
Warrants |  | — |  |  | — |  |  | — |  |  | 15 |
Convertible notes |  | — |  |  | 178 |  |  | — |  |  | 152 |
Diluted weighted average shares outstanding |  | 31,112 |  |  | 31,689 |  |  | 31,148 |  |  | 31,563 |
Net income (per share) |  |  |  |  |  |  |  |
Basic |  | $ | 1.59 |  |  | $ | 0.52 |  |  | $ | 3.20 |  |  | $ | 1.02 |
Diluted |  | 1.57 |  |  | 0.50 |  |  | 3.17 |  |  | 0.99 |
The shares used in the calculation of diluted EPS exclude stock options and stock appreciation rights to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 3.4 million and 3.2 million for the three and nine months ended September 30, 2024, respectively, and 1.7 million and 1.8 million for the three and nine months ended September 30, 2023, respectively.

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