v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
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
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

61,876

 

 

$

75,909

 

 

$

123,279

 

 

$

136,343

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

102,314,156

 

 

 

107,227,128

 

 

 

103,678,673

 

 

 

107,204,024

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock appreciation rights and options

 

 

27,156

 

 

 

27,256

 

 

 

21,078

 

 

 

30,900

 

Restricted stock

 

 

43,910

 

 

 

41,819

 

 

 

51,536

 

 

 

55,348

 

Diluted weighted average shares outstanding

 

 

102,385,222

 

 

 

107,296,203

 

 

 

103,751,287

 

 

 

107,290,272

 

Basic earnings per share

 

$

0.60

 

 

$

0.71

 

 

$

1.19

 

 

$

1.27

 

Diluted earnings per share

 

$

0.60

 

 

$

0.71

 

 

$

1.19

 

 

$

1.27

 

 

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
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Stock appreciation rights

 

 

160,044

 

 

 

149,278

 

 

 

160,044

 

 

 

139,174

 

Restricted stock

 

 

48,406

 

 

 

92,201

 

 

 

111,708

 

 

 

92,498

 

 

Stock Repurchase Program

On May 4, 2023, the Trex Board of Directors adopted a 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. On February 26, 2026, Trex entered into an Accelerated Stock Repurchase program ("ASR") under the 2023 Stock Repurchase Program. As such, the Company made a prepayment of $100 million to Wells Fargo and received an initial delivery of 1.9 million shares valued at

approximately 80% of the prepayment amount. On April 28, 2026, the Trex Board of Directors authorized an additional 10 million shares to be repurchased under the 2023 Stock Repurchase Program.

During the six months ended, June 30, 2026, the Company repurchased an aggregate of 3.9 million shares of its common stock, consisting of 2.6 million shares by the ASR program and 1.3 million shares under the 2023 Repurchase Program. As of June 30, 2026 the remaining number of shares available for repurchase under the 2023 Stock Repurchase Program is 13,470,185.