Annual report pursuant to Section 13 and 15(d)

Earnings per Share

Earnings per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
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:

Year Ended December 31,
(in thousands, except per share amounts)
2022 2021 2020
Weighted average common shares outstanding, used in computing basic earnings per share
62,754  65,942  66,376 
Effect of dilutive stock options and restricted stock units 216  473  396 
Weighted average common shares outstanding, used in computing diluted earnings per share
62,970  66,415  66,772 
Earnings per share:
Basic $ 4.96  $ 5.37  $ 1.63 
Diluted $ 4.95  $ 5.33  $ 1.62 
Anti-dilutive common shares (1)
1,735  844  1,123 
(1) Common stock related to stock options and service-based restricted stock units, and performance-based restricted stock 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.