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Net Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Net Income 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)

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Net income—basic and diluted

 

$

604,440

 

 

$

603,119

 

 

$

742,934

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding—basic

 

 

152,465

 

 

 

158,140

 

 

 

167,930

 

Dilutive effect of share-based compensation arrangements (1)

 

 

1,726

 

 

 

1,993

 

 

 

2,734

 

Adjusted average common shares outstanding—diluted

 

 

154,191

 

 

 

160,133

 

 

 

170,664

 

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

 

Basic

 

$

3.96

 

 

$

3.81

 

 

$

4.42

 

Diluted

 

$

3.92

 

 

$

3.77

 

 

$

4.35

 

 

(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)

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Shares of common stock equivalents

 

 

11

 

 

 

14

 

 

 

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