Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share

Summary of basic and diluted earnings per share calculations

	Quarter ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands, except per share amounts)
Net income	$	58,250	$	129,163	$	88,628	$	302,756
Weighted average shares of common stock outstanding		49,874		54,167		50,013		54,995
Effect of dilutive securities - shares issuable under stock-based compensation plan		2,390		2,475		2,790		2,897
Weighted average diluted shares of common stock outstanding		52,264		56,642		52,803		57,892
Basic earnings per share	$	1.17	$	2.38	$	1.77	$	5.51
Diluted earnings per share	$	1.11	$	2.28	$	1.68	$	5.23

Schedule of anti-dilutive shares outstanding

	Quarter ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands except for weighted average exercise price)
Performance-based RSUs (1)		608		508		520		412
Time-based RSUs		1		144		129		233
Stock options (2)		470		1,424		410		1,256
Total anti-dilutive units and options		1,079		2,076		1,059		1,901
Weighted average exercise price of anti-dilutive stock options (2)	$	58.92	$	58.49	$	58.62	$	58.68

(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.