Earnings Per Share of Common Stock (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share of Common Stock

Summary of basic and diluted earnings per share calculations

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Net income	$	535,160	$	121,473	$	1,194,080	$	240,304
Weighted average basic shares of common stock outstanding		72,439		78,361		76,292		78,119
Effect of dilutive shares:
Common shares issuable under stock-based compensation plan		3,699		2,021		3,326		1,702
Weighted average shares of common stock applicable to diluted earnings per share		76,138		80,382		79,618		79,821
Basic earnings per share of common stock	$	7.39	$	1.55	$	15.65	$	3.08
Diluted earnings per share of common stock	$	7.03	$	1.51	$	15.00	$	3.01

Schedule of anti-dilutive shares outstanding

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands except for weighted-average exercise price)
Performance-based RSUs (1)		—		1,157		335		985
Stock options (2)		—		566		217		888
Total anti-dilutive shares and units		—		1,723		552		1,873
Weighted average exercise price of anti-dilutive stock options (2)	$	—	$	23.50	$	35.03	$	23.98

(1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

(2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the period.