Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

Earnings per Share
6 Months Ended
Jun. 30, 2023
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:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)
2023 2022 2023 2022
Weighted average common shares outstanding, used in computing basic earnings per share
61,655  62,554  61,893  63,409 
Effect of dilutive stock options and restricted stock units 126  141  229  245 
Weighted average common shares outstanding, used in computing diluted earnings per share
61,781  62,695  62,122  63,654 
Earnings per share:
Basic $ 0.14  $ 0.11  $ 0.88  $ 1.17 
Diluted $ 0.14  $ 0.11  $ 0.88  $ 1.16 
Anti-dilutive common shares (1)
2,213  2,061  1,789  1,709 
(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.