Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
Numerator:
Net income used for calculating basic and diluted income per share	$	229,548	$	198,043	$	440,093	$	493,826
Denominator:
Weighted average common shares used in the calculation of basic income per share	77,816		79,285		78,078		79,368
Dilutive effect of outstanding awards associated with stock-based compensation plans (1)	472		535		573		647
Shares used in the calculation of diluted income per share	78,288		79,820		78,651		80,015
Basic income per share	$	2.95	$	2.50	$	5.64	$	6.22
Diluted income per share	$	2.93	$	2.48	$	5.60	$	6.17

(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 was approximately 0.1 million for both the three and six months ended June 30, 2024 and approximately 0.2 million for both the three and six months ended June 30, 2023.