Annual report pursuant to Section 13 and 15(d)

Earnings per Share

Earnings per Share
12 Months Ended
Dec. 31, 2021
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)
2021 2020 2019
Weighted average common shares outstanding, used in computing basic earnings per share
65,942  66,376  67,837 
Effect of dilutive stock options and restricted stock units 473  396  656 
Weighted average common shares outstanding, used in computing diluted earnings per share
66,415  66,772  68,493 
Earnings per share:
Basic $ 5.37  $ 1.63  $ 4.87 
Diluted $ 5.33  $ 1.62  $ 4.83 
Stock options and service-based restricted stock units, and performance-based restricted stock representing 843,578, 1,122,935 and 405,928 shares of common stock for the years ended December 31, 2021, 2020 and 2019, 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.