Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.22.2.2
Earnings per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 8 — EARNINGS PER SHARE

Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share amounts)
 2022 2021 2022 2021
Weighted average common shares outstanding, used in computing basic earnings per share
 62,098  65,862  62,967  66,182 
Effect of dilutive stock options and restricted stock units 112  404  211  491 
Weighted average common shares outstanding, used in computing diluted earnings per share
 62,210  66,266  63,178  66,673 
Earnings per share:
Basic $ 1.80  $ 1.53  $ 2.95  $ 2.98 
Diluted $ 1.80  $ 1.52  $ 2.94  $ 2.96 
Stock options, service-based restricted stock units, and performance-based restricted stock units representing 2,174,505 and 652,317 shares of common stock for the three months ended September 30, 2022 and 2021, respectively, and 1,738,354 and 810,092 shares of common stock for the nine months ended September 30, 2022 and 2021, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.