Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings per Share

Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock.

Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs:

1.Assume vesting of restricted stock using the treasury stock method.

2.Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method.

The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic:
Net income	$	13,699	$	88,469	$	12,780	$	144,618
Less income allocated to participating securities	(333)		(3,660)		(618)		(4,663)
Net income attributable to common stock	$	13,366	$	84,809	$	12,162	$	139,955
Earnings per share, basic	$	0.75	$	4.80	$	0.69	$	7.85
Weighted-average shares outstanding	17,828		17,677		17,746		17,840
Diluted:
Net income	$	13,699	$	88,469	$	12,780	$	144,618
Less income allocated to participating securities	(333)		(3,659)		(618)		(4,657)
Net income attributable to common stock	$	13,366	$	84,810	$	12,162	$	139,961
Earnings per share, diluted	$	0.75	$	4.80	$	0.68	$	7.84
Weighted-average shares outstanding	17,828		17,677		17,746		17,840
Dilutive effect of restricted stock	78		211		195		168
Adjusted weighted-average shares outstanding under treasury stock method	17,906		17,888		17,941		18,008
Participating securities excluded under two-class method	(37)		(205)		(105)		(147)
Adjusted weighted-average shares outstanding under two-class method	17,869		17,683		17,836		17,861