Net Income Per Share

12 Months Ended

Dec. 31, 2024

Net Income Per Share

Net Income Per Share

11. Net Income Per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.  The dilutive effect of equity awards is calculated using the treasury stock method.

The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31:

(thousands except per share data)	2024		2023		2022
Net income attributable to shareholders	$	392,074	$	903,505	$	1,426,884
Weighted-average shares outstanding - basic		53,282		56,359		64,838
Net effect of various dilutive stock-based compensation awards		515		676		615
Weighted-average shares outstanding - diluted		53,797		57,035		65,453
Net income per share:
Basic	$	7.36	$	16.03	$	22.01
Diluted (a)	$	7.29	$	15.84	$	21.80
(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive		16		32		53