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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
11.
EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed in a similar manner to basic earnings per share after assuming the issuance of shares of common stock for all potentially dilutive equity incentive awards using the treasury stock method.

The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share:

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

502.0

 

 

$

340.8

 

 

$

281.4

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding (in thousands)

 

 

56,208

 

 

 

57,707

 

 

 

57,928

 

Dilutive effect of unvested restricted stock and restricted stock units (in thousands)

 

 

88

 

 

 

267

 

 

 

247

 

Diluted weighted average shares outstanding (in thousands)

 

 

56,296

 

 

 

57,974

 

 

 

58,175

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

8.93

 

 

$

5.91

 

 

$

4.86

 

Diluted

 

$

8.92

 

 

$

5.88

 

 

$

4.84