Net Income Per Share

3 Months Ended

Mar. 31, 2020

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:

	For the three months ended March 31,
(in thousands, except per share data)	2020			2019
Net income	$	152,400		$	113,896
Net income attributable to unvested awarded performance stock		(5,192	)		(3,201	)
Net income attributable to common shares	$	147,208		$	110,695
Weighted average number of common shares outstanding – basic		282,397			280,564
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(9,621	)		(7,885	)
Weighted average number of common shares outstanding for basic net income per common share		272,776			272,679
Dilutive effect of stock options		2,085			2,335
Weighted average number of shares outstanding – diluted		274,861			275,014
Net income per share:
Basic	$	0.54		$	0.41
Diluted	$	0.54		$	0.40