Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

4. EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied the explicit vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities.

The following table presents the computation of basic and diluted EPS:

	Years Ended
	December 31,		December 31,		December 31,
	2021		2020		2019
(in thousands, except per share data)
Net income	$	725,983	$	601,822	$	563,648

Basic weighted average common shares outstanding		82,508		83,716		84,644
Effect of dilutive securities:
Stock options, RSUs and PSUs		971		801		892
Diluted weighted average common shares outstanding		83,479		84,517		85,536

Earnings per basic common share	$	8.80	$	7.19	$	6.66

Earnings per diluted common share	$	8.70	$	7.12	$	6.59