XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.2

Net income per share | 6 Months Ended
--- | ---
Jun. 30, 2023
Earnings Per Share [Abstract] |
Net income per share | Net income per share Basic earnings per share for the Company’s common stock is computed by dividing, net income for the period by the weighted average number of common shares outstanding during the period. In August, 2018, the Company issued an aggregate principal amount of $880 million of 2.00% Convertible Senior Notes due 2028 (see Note 12 to these unaudited interim condensed consolidated financial statements and Note 17 to the financial statements for the year ended December 31, 2022, contained in the Company’s 2022 10-K). The conversion of these notes is included in the calculation for diluted earnings per share utilizing the “if converted” method. Accordingly, conversion of these Notes is not assumed for purposes of computing diluted earnings per share if the effect is antidilutive. The denominator for diluted net income per share for the six and three-month periods ended June 30, 2023 and 2022 does not include any effect from the capped call transactions entered into by the Company with certain financial institutions with respect to shares of the Company’s common stock (“2028 Notes Capped Call Transactions”) because it would be antidilutive. In the event of conversion of any or all of the 2028 Notes, the shares that would be delivered to the Company under the 2028 Notes Capped Call Transactions are designed to partially neutralize the dilutive effect of the shares that the Company would issue under the Notes. See Note 17 to the financial statements for the year ended December 31, 2022, contained in the Company’s 2022 10-K for more details. For the six and three-month periods ended June 30, 2022, the effect of the conversion of the Notes would have been antidilutive and, as a consequence, it was not factored into the calculation of diluted earnings per share. Net income per share of common stock is as follows for the six and three-month periods ended June 30, 2023 and 2022:
| Six Months Ended June 30, |  | Three Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted
Net income per common share (*) | $ | 9.23 |  |  | $ | 9.12 |  |  | $ | 3.73 |  |  | $ | 3.73 |  |  | $ | 5.22 |  |  | $ | 5.16 |  |  | $ | 2.43 |  |  | $ | 2.43 |
Numerator (in millions): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 463 |  |  | $ | 463 |  |  | $ | 188 |  |  | $ | 188 |  |  | $ | 262 |  |  | $ | 262 |  |  | $ | 123 |  |  | $ | 123 |
Effect of dilutive Convertible Senior Notes | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Net income available to common stock | $ | 463 |  |  | $ | 467 |  |  | $ | 188 |  |  | $ | 188 |  |  | $ | 262 |  |  | $ | 264 |  |  | $ | 123 |  |  | $ | 123 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average of common stock outstanding for earnings per share | 50,203,652 |  | 50,203,652 |  | 50,386,519 |  | 50,386,519 |  | 50,162,687 |  | 50,162,687 |  | 50,364,529 |  | 50,364,529
Adjustment for assumed conversions | — |  | 990,268 |  | — |  | — |  | — |  | 990,268 |  | — |  | —
Adjusted weighted average of common stock outstanding for earnings per share | 50,203,652 |  | 51,193,920 |  | 50,386,519 |  | 50,386,519 |  | 50,162,687 |  | 51,152,955 |  | 50,364,529 |  | 50,364,529
(*) Figures have been calculated using non-rounded amounts.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration