Stockholders’ Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2022

Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the years ended December 31, 2022, 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 in this Form 10-K.



($ and shares in thousands, except per share data)	Year Ended December 31,
	2022		2021		2020
Basic:
Net income	$	1,128,083	$	872,981	$	567,797

Weighted-average number of shares outstanding	141,326		141,826		142,336
Basic EPS	$	7.98	$	6.16	$	3.99
Diluted:
Net income	$	1,128,083	$	872,981	$	567,797

Weighted-average number of shares outstanding	141,326		141,826		142,336
Add: Diluted impact of unvested RSUs	1,166		1,314		655
Diluted weighted-average number of shares outstanding	142,492		143,140		142,991
Diluted EPS	$	7.92	$	6.10	$	3.97

For the years ended December 31, 2022, 2021 and 2020, approximately 3 thousand, 6 thousand and 134 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; the Company repurchased 4,471,682 shares at an average price of $32.64 per share, for a total cost of $146.0 million. In 2022, the Company repurchased 1,385,517 shares at an average price of $72.17 per share at a total cost of $100.0 million. The Company did not repurchase any shares during 2021.