Computation of Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator:
Net income used for calculating basic and diluted income per share	$	415,049	$	180,009	$	855,142	$	673,835
Denominator:
Weighted average common shares used in the calculation of basic income per share	77,484		78,923		77,880		79,220
Dilutive effect of outstanding awards associated with stock-based compensation plans (1)	484		597		564		642
Shares used in the calculation of diluted income per share	77,968		79,520		78,444		79,862
Basic income per share	$	5.36	$	2.28	$	10.98	$	8.51
Diluted income per share	$	5.32	$	2.26	$	10.90	$	8.44

(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 de minimis and approximately 0.1 million for the three and nine months ended September 30, 2024, respectively and approximately 0.1 million for both the three and nine months ended September 30, 2023.