Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic 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 RSAs and other nonvested 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 years ended December 31, 2024, 2023 and 2022 (in thousands, except number of shares and per share data):
Years Ended December 31,
  2024 2023 2022
Net income $ 453,960  $ 405,645  $ 446,362 
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 22,986,197  23,044,305  23,165,871 
Basic earnings per share $ 19.75  $ 17.60  $ 19.27 
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 22,986,197  23,044,305  23,165,871 
Effect of dilutive securities:
Stock-based incentive plan 33,554  15,540  14,556 
Weighted average shares outstanding for diluted earnings per share 23,019,751  23,059,845  23,180,427 
Diluted earnings per share $ 19.72  $ 17.59  $ 19.26 

RSAs are included in the number of shares of Common Stock issued and outstanding, but omitted from the basic earnings per share calculation until such time as the RSAs vest. Certain stock awards granted are not included in the dilutive securities in the table above as they are anti-dilutive for the year ended December 31, 2023. There were no dilutive securities for the year ended December 31, 2024.