Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computations of Basic and Diluted Income (Loss) Per Common Share

Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. Diluted net income or loss per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):

	Year Ended December 31,
	2023			2022			2021
Net income as reported	$	871,142		$	1,183,370		$	411,778
Participating basic earnings (a)		(14,971	)		(28,578	)		(10,795	)
Basic net income attributed to common stockholders		856,171			1,154,792			400,983
Reallocation of participating earnings (a)		159			614			272
Diluted net income attributed to common stockholders	$	856,330		$	1,155,406		$	401,255
Net income per common share:
Basic	$	3.61		$	4.79		$	1.65
Diluted	$	3.57		$	4.69		$	1.61

(a) Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding

The following table details basic weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):

	Year Ended December 31,
	2023		2022		2021
Denominator:
Weighted average common shares outstanding – basic		236,986		240,858		242,862
Effect of dilutive securities		2,851		5,521		6,452
Weighted average common shares outstanding – diluted		239,837		246,379		249,314