Earnings Per Share

12 Months Ended

Dec. 31, 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.

For the years ended December 31, 2024, 2023, and 2022, potentially dilutive securities for this calculation consisted primarily of non-vested RSUs and contingent PSUs, which were measured using the treasury stock method.

PSUs represent the right to receive, upon settlement of the PSUs after the completion of the three-year performance period, a number of shares of the Company’s common stock that may range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs.

Refer to Note 10 – Compensation Plans for additional detail on RSUs and PSUs.

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


	For the Years Ended December 31,
	2024		2023		2022

	(in thousands, except per share data)
Net income	$	770,293	$	817,880	$	1,111,952

Basic weighted-average common shares outstanding	114,757		118,678		122,351
Dilutive effect of non-vested RSUs, contingent PSUs, and other	776		562		1,733

Diluted weighted-average common shares outstanding	115,533		119,240		124,084

Basic net income per common share	$	6.71	$	6.89	$	9.09
Diluted net income per common share	$	6.67	$	6.86	$	8.96