Earnings per Share (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Earnings Per Share [Abstract] |
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| Reconciliation from Basic to Diluted Weighted Average Shares Outstanding |
The reconciliation from basic to diluted weighted average shares outstanding is as follows:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Weighted average shares outstanding – Basic |
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116,446,085 |
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132,622,105 |
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119,042,161 |
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136,115,598 |
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| Dilutive effect of unvested common shares and restricted stock units with service conditions, performance stock units considered probable of vesting and assumed stock option exercises and conversions |
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928,262 |
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1,474,734 |
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1,374,971 |
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1,550,617 |
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| Weighted average shares outstanding – Diluted |
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117,374,347 |
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134,096,839 |
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120,417,132 |
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137,666,215 |
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| Calculation of Basic and Diluted Earnings per Share |
Basic and diluted income per share are calculated as follows:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Numerator: |
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| Net income |
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$ |
16,574 |
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$ |
21,325 |
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$ |
41,225 |
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$ |
48,445 |
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| Denominator: |
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| Weighted average shares outstanding – Basic |
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116,446,085 |
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132,622,105 |
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119,042,161 |
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136,115,598 |
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| Weighted average shares outstanding – Diluted |
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117,374,347 |
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134,096,839 |
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120,417,132 |
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137,666,215 |
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| Net income per share: |
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| Basic income per share |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.35 |
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$ |
0.36 |
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| Diluted income per share |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.34 |
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$ |
0.35 |
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| Anti-dilutive Shares |
The table below presents the details of the Company’s weighted average equity-based awards outstanding during each respective period that were excluded from the calculation of diluted earnings per share:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Restricted stock awards with performance only targets not achieved |
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— |
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505,439 |
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65,966 |
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574,048 |
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| Stock options with performance only targets not achieved |
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— |
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300,788 |
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68,890 |
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316,187 |
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| Anti-dilutive restricted stock units and performance stock units |
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— |
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487,322 |
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— |
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19,306 |
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| Anti-dilutive stock options |
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454,461 |
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751,539 |
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556,114 |
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788,509 |
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