Net Income Per Share

3 Months Ended

Mar. 31, 2021

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (excluding 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)	2021			2020
Net income	$	199,744		$	152,400
Net income attributable to unvested awarded performance stock		(4,966	)		(5,192	)
Net income attributable to common shares	$	194,778		$	147,208
Weighted average number of common shares outstanding – basic		282,621			282,397
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(7,027	)		(9,621	)
Weighted average number of common shares outstanding for basic net income per common share		275,594			272,776
Dilutive effect of stock options		1,361			2,085
Weighted average number of shares outstanding – diluted		276,955			274,861
Net income per share:
Basic	$	0.71		$	0.54
Diluted	$	0.70		$	0.54