Computation of Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Reconciliation of the Basic and Diluted Earnings Per Share Computations

The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data).


	2021		2020		2019
Numerator:
Net income used for calculating basic and diluted income per share	$	793,560	$	266,745	$	233,290
Denominator:
Weighted average common shares used in the calculation of basic income per share	85,026		89,315		89,817
Dilutive effect of outstanding awards associated with stock-based compensation plans	1,151		702		1,154
Shares used in the calculation of diluted income per share	86,177		90,017		90,971
Income per share (1):
Basic	$	9.33	$	2.99	$	2.60
Diluted	$	9.21	$	2.96	$	2.56

(1)Both basic and diluted income per share for 2021, 2020 and 2019 included a tax benefit of approximately $0.63, $0.31 and $0.42 per share, respectively, related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes).

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year.


	Year Ended December 31,
	2021		2020		2019
Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions) (1)	—		0.5		0.2
Average market price per share of Common Stock during the year	$	252.07	$	130.95	$	148.38

(1)The number of anti-dilutive common stock equivalents for 2021 was de minimis.