Net Income Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

The calculation of basic and diluted net income per share is as follows.

Net income per share
	Years Ended December 31,
(In thousands, except per-share amounts)	2021		2020		2019
Net income—basic and diluted	$	600,671	$	393,626	$	672,309
Average common shares outstanding—basic	188,370		195,443		208,773
Dilutive effect of stock-based compensation arrangements (1)	1,893		1,199		1,567
Adjusted average common shares outstanding—diluted	190,263		196,642		210,340
Net income per share:
Basic	$	3.19	$	2.01	$	3.22
Diluted	$	3.16	$	2.00	$	3.20

(1)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because they are anti-dilutive.

	Years Ended December 31,
(In thousands)	2021	2020	2019
Shares of common stock equivalents	28	865	221