Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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)	2023		2022		2021
Net income—basic and diluted	$	603,119	$	742,934	$	600,671
Average common shares outstanding—basic	158,140		167,930		188,370
Dilutive effect of share-based compensation arrangements (1)	1,993		2,734		1,893
Adjusted average common shares outstanding—diluted	160,133		170,664		190,263
Net income per share
Basic	$	3.81	$	4.42	$	3.19
Diluted	$	3.77	$	4.35	$	3.16

(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 their effect would be anti-dilutive.

	Years Ended December 31,
(In thousands)	2023	2022	2021
Shares of common stock equivalents	14	—	28