EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE

Schedule of Earnings per share calculation

A summary of the earnings per share calculation is as follows:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2023		2022
Basic earnings per share:
Net income	$	6,875	$	46,248
Weighted-average common shares		57,105		59,238
Basic earnings per share	$	0.12	$	0.78
Diluted earnings per share: (1)
Net income	$	6,875	$	46,248
Weighted-average common shares		57,105		59,238
Effect of dilutive awards:
Employee stock plans		474		869
Diluted weighted-average common shares		57,579		60,107
Diluted earnings per share	$	0.12	$	0.77

(1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2023 and 2022 calculations as the shares were not contingently issuable as of the end of the reporting periods.