Net Income Per Share

6 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Net income—basic and diluted	$	146,087	$	201,193	$	303,844	$	382,324

Average common shares outstanding—basic	159,010		173,705		159,250		175,491
Dilutive effect of share-based compensation arrangements (1)	1,734		1,714		1,879		1,858
Adjusted average common shares outstanding—diluted	160,744		175,419		161,129		177,349

Net income per share
Basic	$	0.92	$	1.16	$	1.91	$	2.18
Diluted	$	0.91	$	1.15	$	1.89	$	2.16

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 their effect would be anti-dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2023	2022	2023	2022
Shares of common stock equivalents	112	189	86	—