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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2024
EARNINGS PER SHARE  
EARNINGS PER SHARE

17. EARNINGS PER SHARE

Basic earnings per common share (“EPS”) is computed based on the weighted-average number of common shares outstanding during the reporting period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s balance sheets. Diluted EPS is based on the weighted-average number of common shares outstanding plus the number of additional shares that would have been outstanding had the dilutive common shares been issued. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS.

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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2024

    

2023

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2024

    

2023

Numerator:

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Net income (in 000's)

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$

15,803

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$

16,088

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$

47,131

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$

47,384

Denominator:

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Basic weighted-average common shares outstanding

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24,154,779

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24,391,797

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24,237,405

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24,382,519

Effect of dilutive securities:

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Restricted stock grants

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636

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13,755

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410

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10,206

Stock options

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655,401

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723,127

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632,897

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707,260

Diluted weighted-average common shares outstanding

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24,810,816

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25,128,679

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24,870,712

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25,099,985

Earnings per share attributable to Legacy Housing Corporation

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Basic

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$

0.65

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$

0.66

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$

1.94

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$

1.94

Diluted

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$

0.64

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$

0.64

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$

1.90

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$

1.89

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In November 2022, our Board of Directors approved a share repurchase program to authorize the repurchase of up to $10.0 million of the Company’s common stock. We repurchased 1,001 shares for $0.02 million in the open market during the three months ended September 30, 2024, and we repurchased 262,530 shares for $5.4 million in the open market during the nine months ended September 30, 2024. As of September 30, 2024, we had a remaining authorization of approximately $14.6 million. On August 6, 2024, our Board of Directors authorized the repurchase of an additional $10.0 million of the Company’s common stock under the share repurchase program.