Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in thousands, except per share amounts)
Net income	$	135,134	$	249,310	$	437,890	$	830,407
Weighted average basic shares of common stock outstanding		52,170		62,085		54,043		65,671
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,798		3,567		2,870		3,670
Weighted average shares of common stock applicable to diluted earnings per share		54,968		65,652		56,913		69,341
Basic earnings per share	$	2.59	$	4.02	$	8.10	$	12.65
Diluted earnings per share	$	2.46	$	3.80	$	7.69	$	11.98

Schedule of anti-dilutive shares outstanding

	Quarter ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		325		302		268		244
Time-based RSUs		—		—		116		68
Stock options (2)		1,423		249		1,312		199
Total anti-dilutive units and options		1,748		551		1,696		511
Weighted average exercise price of anti-dilutive stock options (2)	$	58.49	$	58.85	$	58.61	$	58.85

(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.