Earnings Per Share
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. 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 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | For the Year ended December 31, |
| (in thousands, except per share data) | | 2025 | | 2024 | | 2023 |
| Numerator: | | | | | | |
| Net income | | $ | 118,416 | | | $ | 30,263 | | | $ | 90,990 | |
| | | | | | |
| | | | | | |
| Denominator: | | | | | | |
| Weighted average common shares outstanding | | 15,643 | | | 16,467 | | | 16,682 | |
| Weighted average dilutive securities | | 86 | | | 59 | | | 155 | |
| Weighted average common shares outstanding, diluted | | 15,729 | | | 16,526 | | | 16,837 | |
| Net income per share: | | | | | | |
| Basic | | $ | 7.57 | | | $ | 1.84 | | | $ | 5.45 | |
| Diluted | | $ | 7.53 | | | $ | 1.83 | | | $ | 5.40 | |
For the years ended December 31, 2025, 2024 and 2023, 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:
| | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | 2025 | | 2024 | | 2023 |
| Time-vested stock awards | | — | | | 35 | | | — | |
| Performance awards | | — | | | 30 | | | 13 | |
Share Repurchase Program
On July 30, 2025, the Company announced that its Board of Directors had approved a new $75.0 million share repurchase program (the "Repurchase Program"). The Repurchase Program expired on February 4, 2026. The Repurchase Program replaced and superseded the Company’s prior $75.0 million repurchase program, under which the Company had exhausted substantially all of the available funds, and such prior repurchase program was terminated.
During 2025 the Company repurchased 639,207 shares of its common stock under a prior repurchase program at a weighted-average price of $117.33 per share. During 2024 the Company repurchased 643,549 shares of its common stock under a prior repurchase program at a weighted-average price of $116.54 per share. All of the shares repurchased were retired. The shares repurchased resulted in no change to authorized shares and an increase to unissued shares. As of December 31, 2025, the Company had $75.0 million of funds available to repurchase shares of the Company’s common stock under the Repurchase Program, which expired on February 4, 2026.
During 2025 and 2024, the Company repurchased 20,504 and 36,397 shares of stock, respectively, for approximately $2.7 million and $5.9 million, respectively, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock.