Stockholders’ Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2023

Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the years ended December 31, 2023, 2022 and 2021. 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.



	Year Ended December 31,
($ and shares in thousands, except per share data)	2023		2022		2021
Basic:
Net income	$	1,161,161	$	1,128,083	$	872,981

Weighted-average number of shares outstanding	141,164		141,326		141,826
Basic EPS	$	8.23	$	7.98	$	6.16
Diluted:
Net income	$	1,161,161	$	1,128,083	$	872,981

Weighted-average number of shares outstanding	141,164		141,326		141,826
Add: Diluted impact of unvested RSUs	738		1,166		1,314
Diluted weighted-average number of shares outstanding	141,902		142,492		143,140
Diluted EPS	$	8.18	$	7.92	$	6.10

For the years ended December 31, 2023, 2022 and 2021, approximately 283 thousand, 3 thousand and 6 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 million of the Company’s common stock. In 2023, the Company repurchased 1,506,091 shares at an average price of $54.56 per share at a total cost of $82 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 million. The Company did not repurchase any shares in 2021. As of December 31, 2023, the Company had approximately $172 million available for repurchases under its stock repurchase program.