Net Income Per Share

6 Months Ended

Jun. 30, 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 June 30,						For the six months ended June 30,
(in thousands, except per share data)	2020			2019			2020			2019
Net income	$	96,784		$	92,593		$	249,184		$	206,489
Net income attributable to unvested awarded performance stock		(3,580	)		(3,020	)		(8,855	)		(6,273	)
Net income attributable to common shares	$	93,204		$	89,573		$	240,329		$	200,216
Weighted average number of common shares outstanding – basic		283,591			281,754			282,994			281,163
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(10,491	)		(9,191	)		(10,056	)		(8,542	)
Weighted average number of common shares outstanding for basic net income per common share		273,100			272,563			272,938			272,621
Dilutive effect of stock options		1,262			1,839			1,581			2,083
Weighted average number of shares outstanding – diluted		274,362			274,402			274,519			274,704
Net income per share:
Basic	$	0.34		$	0.33		$	0.88		$	0.73
Diluted	$	0.34		$	0.33		$	0.88		$	0.73