Earnings Per Share

12 Months Ended

Dec. 31, 2024

The details of the earnings per share calculations for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Years Ended December 31,
	2024		2023		2022
Basic
Net Income	$	44,149	$	54,623	$	171,886

Weighted average common shares outstanding	26,828,338		27,302,254		27,969,436

EPS – Basic	$	1.65	$	2.00	$	6.15


	Years Ended December 31,
	2024		2023		2022
Diluted
Net Income	$	44,149	$	54,623	$	171,886

Weighted average common shares outstanding – Basic	26,828,338		27,302,254		27,969,436

Dilutive effect of unvested equity awards	426,875		705,376		1,061,671

Weighted average common shares outstanding – Diluted	27,255,213		28,007,630		29,031,107

EPS – Diluted	$	1.62	$	1.95	$	5.92

Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year.

The diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period. For the years ended December 31, 2024, 2023 and 2022, stock options of 834,288, 475,359 and 172,808, respectively, were anti-dilutive and excluded from the computations of dilutive EPS.

In September 2017, the Board of Directors (the "Board") adopted the AdvanSix Inc. Deferred Compensation Plan (the “DCP”), effective January 1, 2018. Pursuant to the DCP, our directors may elect to defer their cash retainer fees and allocate their deferrals to the AdvanSix stock unit fund. Each unit allocated under the stock unit fund represents the economic equivalent of one share of common stock. Units are paid out in shares of AdvanSix common stock upon distribution. As of December 31, 2024, a total of 71,726 units were allocated to the AdvanSix stock unit fund under the DCP.

On May 4, 2018, the Company announced that the Board authorized a share repurchase program of up to $75 million of the Company’s common stock. On February 22, 2019, the Company announced that the Board authorized a share repurchase program of up to an additional $75 million of the Company's common stock, which was in addition to the remaining capacity available under the May 2018 share repurchase program. Repurchases may be made, from time to time, on the open market, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Exchange Act of 1934, as amended (the "Exchange Act"). The size and timing of these repurchases will depend on pricing, market and economic conditions, legal and contractual requirements and other factors. The share repurchase program has no expiration date and may be modified, suspended or discontinued at any time. The par value of the shares repurchased is applied to Treasury stock and the excess of the purchase price over par value is applied to Additional paid in capital. During 2024, the Company had repurchased 403,654 shares of common stock, including 152,333 shares withheld to cover the tax withholding obligations in connection with the vesting awards, for an aggregate of $10.4 million at a weighted average market price of $25.80 per share. The purchase of shares reduces the weighted average number of shares outstanding in the basic and diluted earnings per share calculations.