Stockholders' Equity and Earnings Per Share

3 Months Ended

Mar. 31, 2021

Stockholders' Equity and Earnings Per Share [Abstract]

Stockholders' Equity and Earnings Per Share

Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2021 and 2020. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements of the Company’s 2020 Form 10-K.

($ and shares in thousands, except per share data)	Three Months Ended March 31,
	2021		2020
Basic:
Net income	$	204,994	$	144,824
Basic weighted-average number of shares outstanding	141,646		144,814
Basic EPS	$	1.45	$	1.00
Diluted:
Net income	$	204,994	$	144,824
Basic weighted-average number of shares outstanding	141,646		144,814
Diluted potential common shares (1)	1,198		471
Diluted weighted-average number of shares outstanding (1)	142,844		145,285
Diluted EPS	$	1.44	$	1.00

(1)Includes dilutive shares from RSUs for the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021 and 2020, 140 thousand and 328 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation.

Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500.0 million of the Company’s common stock, and the Company repurchased 4,471,682 shares at an average price of $32.64 per share and a total cost of $146.0 million. The Company did not repurchase any shares during the three months ended March 31, 2021.