Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.23.1
Earnings Per Share
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested restricted stock and other unvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method.
The following table sets forth the computation of EPS for the three months ended March 31, 2023 and 2022 (in thousands, except number of shares and per share data):
Three Months Ended
March 31,
  2023 2022
Net income $ 86,568  $ 97,900 
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 7,693,084  7,741,365 
Basic earnings per share $ 11.25  $ 12.65 
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 7,693,084  7,741,365 
Effect of dilutive securities:
Incentive and equity compensation plans 5,314  1,345 
Weighted average shares outstanding for diluted earnings per share 7,698,398  7,742,710 
Diluted earnings per share $ 11.24  $ 12.64 

Restricted stock is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until such time as the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they are anti-dilutive for the three months ended March 31, 2023 and March 31, 2022.