The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2026		2025		2026		2025
Numerator:
Net income	$	60,005	$	32,094	$	156,656	$	81,868

Denominator:
Weighted average common shares outstanding	15,579		15,528		15,565		15,681
Weighted average dilutive securities	142		103		150		71
Weighted average common shares outstanding, diluted	15,721		15,631		15,715		15,752

Income per common share:
Basic	$	3.85	$	2.07	$	10.06	$	5.22
Diluted	$	3.82	$	2.05	$	9.97	$	5.20

For the three and nine months ended September 30, 2026 and the nine months ended September 30, 2025, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:


	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2026	2025	2026	2025
Time-vested stock awards	—	—	—	1
Performance awards	10	—	10	19

During the nine months ended September 30, 2026, the Company repurchased 27,006 shares of stock, for approximately $7.3 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the nine months ended September 30, 2025, the Company repurchased 20,504 shares of stock, for approximately $2.7 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On October 28, 2026, the Company announced that its Board of Directors approved a new share repurchase program (the “Repurchase Program”), which will be effective on November 4, 2026, and authorizes the Company to repurchase, in the aggregate, up to $100.0 million of its outstanding shares of common stock. The Repurchase Program will expire on November 3, 2027, or when the authorized funds are exhausted, whichever is earlier.