Stockholders' Equity and Earnings Per Share

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023. 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 the Company’s 2023 Form 10-K.

($ and shares in thousands, except per share data)	Three months ended March 31,
	2024		2023
Basic:
Net income	$	285,075	$	322,439
Weighted-average number of shares outstanding	139,409		141,112
Basic EPS	$	2.04	$	2.28
Diluted:
Net income	$	285,075	$	322,439
Weighted-average number of shares outstanding	139,409		141,112
Add: Dilutive impact of unvested RSUs	852		801
Diluted weighted-average number of shares outstanding	140,261		141,913
Diluted EPS	$	2.03	$	2.27

Approximately 170 thousand and 417 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2024 and 2023, respectively.

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. For the three months ended March 31, 2024, the Company repurchased 1,181,851 shares at an average price of $69.76 per share at $82 million. The Company did not repurchase any shares during the three months ended March 31, 2023. As of March 31, 2024, the Company had approximately $89 million available for repurchases under its stock repurchase program.