Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

Earnings per Share
9 Months Ended
Sep. 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 September 30,
Nine Months Ended September 30,
(in thousands, except per share amounts)
2023 2022 2023 2022
Weighted average common shares outstanding, used in computing basic earnings per share
60,844  62,098  61,575  62,967 
Effect of dilutive stock options and restricted stock units 88  112  200  211 
Weighted average common shares outstanding, used in computing diluted earnings per share
60,932  62,210  61,775  63,178 
Earnings per share:
Basic $ 1.70  $ 1.80  $ 2.57  $ 2.95 
Diluted $ 1.70  $ 1.80  $ 2.56  $ 2.94 
Anti-dilutive common shares (1)
2,266  2,175  1,989  1,738 
(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.