Earnings per share

3 Months Ended

Mar. 31, 2024

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:


	Three Months Ended
	March 31,
	2024		2023
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	203,779		203,624
Effect of dilutive performance share awards and restricted stock units	408		286
Weighted average common shares outstanding - diluted	204,187		203,910

Earnings per share - basic:
Income from continuing operations	$	.50	$	.41
Discontinued operations, net of tax	—		(.22)
Earnings per share - basic	$	.50	$	.19

Earnings per share - diluted:
Income from continuing operations	$	.49	$	.41
Discontinued operations, net of tax	—		(.22)
Earnings per share - diluted	$	.49	$	.19

Shares excluded from the calculation of diluted earnings per share	—		—
Dividends declared per common share	0.1250		$	.2225