v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity
12.
STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net income available to common shareholders

 

$

60,434

 

 

$

89,070

 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

107,180,665

 

 

 

108,640,168

 

Effect of dilutive securities:

 

 

 

 

 

 

Stock appreciation rights and options

 

 

34,543

 

 

 

71,202

 

Restricted stock

 

 

68,876

 

 

 

79,255

 

Diluted weighted average shares outstanding

 

 

107,284,084

 

 

 

108,790,625

 

Basic earnings per share

 

$

0.56

 

 

$

0.82

 

Diluted earnings per share

 

$

0.56

 

 

$

0.82

 

 

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Stock appreciation rights

 

 

129,069

 

 

 

55,132

 

Restricted stock

 

 

92,795

 

 

 

48,597

 

 

Stock Repurchase Program

On May 4, 2023, the Trex Board of Directors adopted a new stock repurchase program (2023 Stock Repurchase Program) of up to 10.8 million shares of its outstanding common stock. The 2023 Stock Repurchase Program has no set expiration date. During the three months ended March 31, 2025, the Company did not repurchase any shares of its outstanding common stock under the 2023 Stock Repurchase Program.