Net Income Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.

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

Net income per share
	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per-share amounts)	2022		2021		2022		2021
Net income—basic and diluted	$	201,193	$	155,206	$	382,324	$	280,814
Average common shares outstanding—basic	173,705		193,436		175,491		193,692
Dilutive effect of share-based compensation arrangements (1)	1,714		1,202		1,858		1,294
Adjusted average common shares outstanding—diluted	175,419		194,638		177,349		194,986
Net income per share
Basic	$	1.16	$	0.80	$	2.18	$	1.45
Diluted	$	1.15	$	0.80	$	2.16	$	1.44

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 would be anti-dilutive.

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2022	2021	2022	2021
Shares of common stock equivalents	189	—	—	—