Earnings per Share

9 Months Ended

Sep. 30, 2023

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method. Please refer to Note 10 - Compensation Plans in this report and Note 9 - Earnings Per Share in the 2022 Form 10-K for additional detail on these potentially dilutive securities.

The following table sets forth the calculations of basic and diluted net income per common share:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022

	(in thousands, except per share data)
Net income	$	222,343	$	481,240	$	570,769	$	853,489

Basic weighted-average common shares outstanding	117,823		123,195		119,589		122,318
Dilutive effect of non-vested RSUs, contingent PSUs, and other	505		1,084		576		1,915
Diluted weighted-average common shares outstanding	118,328		124,279		120,165		124,233

Basic net income per common share	$	1.89	$	3.91	$	4.77	$	6.98
Diluted net income per common share	$	1.88	$	3.87	$	4.75	$	6.87