Net Income Per Share

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Net income—basic and diluted	$	742,934	$	600,671	$	393,626
Average common shares outstanding—basic	167,930		188,370		195,443
Dilutive effect of stock-based compensation arrangements (1)	2,734		1,893		1,199
Adjusted average common shares outstanding—diluted	170,664		190,263		196,642
Net income per share
Basic	$	4.42	$	3.19	$	2.01
Diluted	$	4.35	$	3.16	$	2.00

(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)	2022	2021	2020
Shares of common stock equivalents	—	28	865