NEWMARKET CORP
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
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Earnings Per Share
- Earnings Per Share
We had 34,678 shares of nonvested restricted stock at March 31, 2024 and 34,579 shares of nonvested restricted stock at March 31, 2023 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive. The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yields the most dilutive result. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands, except per-share amounts) | 2024 | 2023 |
| Earnings per share numerator: | ||
| Net income attributable to common shareholders before allocation of earnings to participating securities | $107,732 | $97,583 |
| Earnings allocated to participating securities | (373) | (306) |
| Net income attributable to common shareholders after allocation of earnings to participating securities | $107,359 | $97,277 |
| Earnings per share denominator: | ||
| Weighted-average number of shares of common stock outstanding - basic and diluted | 9,557 | 9,643 |
| Earnings per share - basic and diluted | $11.23 | $10.09 |
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