EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

The following are computations of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	91,340	$	135,799	$	279,507	$	329,270

Denominator:
Weighted-average basic shares outstanding	54,122		54,111		54,097		54,278
Dilutive effect of outstanding stock awards	297		270		314		264
Dilutive shares outstanding	54,419		54,381		54,411		54,542

Basic earnings per share:	$	1.69	$	2.51	$	5.17	$	6.07

Diluted earnings per share:	$	1.68	$	2.50	$	5.14	$	6.04

For the three months ended September 30, 2023 and 2022, all outstanding performance awards and restricted stock awards were included in the calculation of diluted earnings per share except for 103,454 and 81,341, respectively, of performance stock awards for which the performance criteria were not attained at the reporting dates and 6,550 and 10,043, respectively, of restricted stock awards which were excluded as their inclusion would have an antidilutive effect.

For the nine months ended September 30, 2023 and 2022, all outstanding performance awards and restricted stock awards were included in the calculation of diluted earnings per share except for 103,454 and 81,341, respectively, of performance stock awards for which the performance criteria were not attained at the reporting dates and 14,050 and 13,500, respectively, of restricted stock awards which were excluded as their inclusion would have an antidilutive effect.