Earnings per Share

6 Months Ended

Jun. 30, 2024

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 2023 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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(in thousands, except per share data)
Net income	$	210,293	$	149,874	$	341,492	$	348,426

Basic weighted-average common shares outstanding	114,634		119,408		115,138		120,533
Dilutive effect of non-vested RSUs, contingent PSUs, and other	1,081		666		954		642
Diluted weighted-average common shares outstanding	115,715		120,074		116,092		121,175

Basic net income per common share	$	1.83	$	1.26	$	2.97	$	2.89
Diluted net income per common share	$	1.82	$	1.25	$	2.94	$	2.88