Earnings per Share (EPS)

12 Months Ended

Dec. 31, 2020

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share for the years ended December 31:


(In thousands, except per share amounts)	2020		2019		2018
Net income	$	413,041	$	555,713	$	467,363

Basic weighted average shares outstanding	106,098		97,762		97,403
Dilutive effect of nonvested shares	278		465		571
Diluted weighted average shares outstanding	106,376		98,227		97,974

Basic earnings per share	$	3.89	$	5.68	$	4.80
Diluted earnings per share	$	3.88	$	5.66	$	4.77

There were 324,813, 39,490 and 128,575 antidilutive shares for the years ended December 31, 2020, 2019 and 2018, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth as of December 31, 2020, the following percentages of the performance-based share awards would be issuable under the terms of the arrangements if December 31, 2020 was the end of the contingency period:


2018 Performance-Based Grants	100	%
2019 Performance-Based Grants	100	%
2020 Performance-Based Grants	25	%

Based on the compounded annual book value per share growth as of December 31, 2019 and 2018, 100% of all performance-based share awards would have been issuable under the terms of the arrangements at each date if December 31 was the end of the contingency period.