Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic and diluted earnings per share have been calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per share was computed using the treasury stock method for stock-based compensation.

The diluted earnings per share calculations exclude the effect of stock options, deferred stock units and restricted stock units when the computation is anti-dilutive. For the three- and six-month periods ended June 30, 2024, the weighted average number of shares excluded from the computation was 2.1 million and 2.5 million, respectively. For the three- and six-month periods ended June 30, 2023, the weighted average shares excluded from the computation was 1.8 million and 1.2 million, respectively.

The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30, 2024 and 2023 (in thousands, except per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Basic	2024		2023		2024		2023
Net income	$	839	$	89,849	$	31,329	$	110,298
Weighted average shares outstanding		128,295		129,814		128,792		129,467
Earnings per share - basic		0.01		0.69		0.24		0.85

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Diluted	2024		2023		2024		2023
Net income	$	839	$	89,849	$	31,329	$	110,298
Average shares
Weighted average shares outstanding		128,295		129,814		128,792		129,467
Effect of dilutive securities - stock-based compensation		3,436		3,414		3,302		3,940
Total weighted average diluted shares outstanding		131,731		133,228		132,094		133,407
Earnings per share - diluted	$	0.01	$	0.67	$	0.24	$	0.83