Net Income Per Share

3 Months Ended

Mar. 31, 2023

Net Income Per ShareBasic 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 March 31,
(In thousands, except per-share amounts)	2023		2022
Net income—basic and diluted	$	157,757	$	181,131

Average common shares outstanding—basic	158,304		176,816
Dilutive effect of share-based compensation arrangements (1)	3,045		2,263
Adjusted average common shares outstanding—diluted	161,349		179,079

Net income per share
Basic	$	1.00	$	1.02
Diluted	$	0.98	$	1.01

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 March 31,
(In thousands)	2023	2022
Shares of common stock equivalents	25	—