EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022

Numerator:
Net income	$	30,280	$	39,113	$	70,248	$	80,894

Denominator:
Weighted average shares of common stock outstanding	10,888		11,354		10,876		11,455
Effect of dilutive common stock equivalents	29		81		47		79
Weighted average shares of common stock outstanding	10,917		11,435		10,923		11,534

Earnings per share - basic	$	2.78	$	3.44	$	6.46	$	7.06

Earnings per share - diluted	$	2.77	$	3.42	$	6.43	$	7.01

The calculation of diluted EPS excluded 45 thousand and 3 thousand antidilutive restricted stock awards for the three months ended June 30, 2023 and 2022, respectively, and 22 thousand and 1 thousand antidilutive restricted stock awards for the six months ended June 30, 2023 and 2022, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.