Net Income Per Share

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Net income—basic and diluted	$	151,903	$	146,087	$	304,257	$	303,844

Average common shares outstanding—basic	153,110		159,010		153,879		159,250
Dilutive effect of share-based compensation arrangements (1)	1,289		1,734		1,392		1,879
Adjusted average common shares outstanding—diluted	154,399		160,744		155,271		161,129

Net income per share
Basic	$	0.99	$	0.92	$	1.98	$	1.91
Diluted	$	0.98	$	0.91	$	1.96	$	1.89

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)	2024	2023	2024	2023
Shares of common stock equivalents	64	112	39	86