Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):
 
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Basic weighted average number of shares outstanding 36,322  36,765  36,317  36,715 
Effect of dilutive securities:
Unvested restricted stock 396  426  421  434 
Diluted average shares outstanding 36,718  37,191  36,738  37,149 
Net earnings $ 231,555  $ 186,836  $ 417,571  $ 318,137 
Basic earnings per share $ 6.38  $ 5.08  $ 11.50  $ 8.67 
Diluted earnings per share $ 6.31  $ 5.02  $ 11.37  $ 8.56 

We compute basic earnings per share by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if securities or contracts to issue common stock that are dilutive were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. In accordance with ASC 260-10, Earnings Per Share, we calculate the dilutive effect of the 2028 Convertible Notes using the "if-converted" method. As discussed in Note 6, the Company will settle any convertible note conversions by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have a dilutive impact when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period.