v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
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,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

86,998

 

 

$

77,036

 

 

$

176,068

 

 

$

118,167

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

108,693,887

 

 

 

108,770,204

 

 

 

108,667,028

 

 

 

108,771,077

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock appreciation rights and options

 

 

54,233

 

 

 

67,479

 

 

 

62,718

 

 

 

68,742

 

Restricted stock

 

 

62,176

 

 

 

33,757

 

 

 

73,335

 

 

 

54,029

 

Diluted weighted average shares outstanding

 

 

108,810,296

 

 

 

108,871,440

 

 

 

108,803,081

 

 

 

108,893,848

 

Basic earnings per share

 

$

0.80

 

 

$

0.71

 

 

$

1.62

 

 

$

1.09

 

Diluted earnings per share

 

$

0.80

 

 

$

0.71

 

 

$

1.62

 

 

$

1.09

 

 

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,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Stock appreciation rights

 

 

73,050

 

 

 

91,402

 

 

 

64,091

 

 

 

100,076

 

Restricted stock

 

 

—

 

 

 

101,722

 

 

 

24,299

 

 

 

104,646

 

 

Stock Repurchase Program

On February 16, 2018, the Board of Directors adopted the 2018 Stock Repurchase Program of up to 11.6 million shares of the Company’s outstanding common stock (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, and terminated the existing Stock Repurchase Program. The 2023 Stock Repurchase Program has no set expiration date. During the six months ended June 30, 2024, Trex did not repurchase any shares of its outstanding common stock under the 2023 Stock Repurchase Program.