Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2023

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive.

The table below sets forth the calculation of basic and diluted income per share for the periods indicated (in thousands, except per share data).


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Numerator:
Net income used for calculating basic and diluted income per share	$	198,043	$	204,925	$	493,826	$	377,440
Denominator:
Weighted average common shares used in the calculation of basic income per share	79,285		80,271		79,368		81,145
Dilutive effect of outstanding awards associated with stock-based compensation plans (1)	535		703		647		866
Shares used in the calculation of diluted income per share	79,820		80,974		80,015		82,011
Basic income per share	$	2.50	$	2.55	$	6.22	$	4.65
Diluted income per share	$	2.48	$	2.53	$	6.17	$	4.60

(1)Certain outstanding awards associated with stock-based compensation plans were not included in the computation of diluted income per share because the effect would have been anti-dilutive. These anti-dilutive outstanding awards associated with stock-based compensation plans totaled approximately $0.2 million and $0.4 million for the three months

ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2023 and 2022, respectively.