Net Income Per Share

6 Months Ended

Jun. 30, 2023

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Weighted average shares outstanding (basic)	165,854		160,920		166,227		160,755
Impact of common stock equivalents	1,337		1,155		1,582		1,260
Weighted average shares outstanding (diluted)	167,191		162,075		167,809		162,015
Per share:
Basic	$	0.46	$	0.42	$	0.86	$	0.80
Diluted	0.46		0.42		0.85		0.80