Net Income Per Share

3 Months Ended

Mar. 31, 2024

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 March 31,
(In thousands, except per-share amounts)	2024		2023
Net income—basic and diluted	$	152,354	$	157,757
Average common shares outstanding—basic	153,817		158,304
Dilutive effect of share-based compensation arrangements (1)	2,154		3,045
Adjusted average common shares outstanding—diluted	155,971		161,349
Net income per share
Basic	$	0.99	$	1.00
Diluted	$	0.98	$	0.98

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 March 31,
(In thousands)	2024	2023
Shares of common stock equivalents	—	25