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NET INCOME PER SHARE | 12 Months Ended
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Dec. 31, 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 year. In August, 2018, the Company issued an aggregate principal amount of $880 million of 2.00% Convertible Senior Notes due 2028 (“2028 Notes”) which were fully converted or redeemed in November 2023. The conversion of these notes was included in the calculation for diluted earnings per share utilizing the “if converted” method for the year ending December 31, 2023 and 2022. For the year ended 2021, the effect of the conversion of the 2028 Notes would have been antidilutive and, as a consequence, it was not factored into the calculation of diluted earnings per share. Accordingly, conversion of these 2028 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 years ended on December 31, 2023, 2022 and 2021 did 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”), which were settled on September 1, 2023, because it would be antidilutive. See Note 17 – Loans payable and other financial liabilities to these consolidated financial statements for more details regarding the 2028 Notes and the 2028 Notes Capped Call Transactions. Net income per share of common stock is as follows for the years ended December 31, 2023, 2022 and 2021: .
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted
Net income per common share (1) | $ | 19.64 |  |  | $ | 19.46 |  |  | $ | 9.57 |  |  | $ | 9.53 |  |  | $ | 1.67 |  |  | $ | 1.67 |
Numerator (in millions): |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 987 |  |  | $ | 987 |  |  | $ | 482 |  |  | $ | 482 |  |  | $ | 83 |  |  | $ | 83 |
Effect of dilutive 2028 Notes | — |  |  | 6 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Net income available to common stock | $ | 987 |  |  | $ | 993 |  |  | $ | 482 |  |  | $ | 489 |  |  | $ | 83 |  |  | $ | 83 |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average of common stock outstanding for earnings per share | 50,262,302 |  | 50,262,302 |  | 50,345,353 |  | 50,345,353 |  | 49,802,993 |  | 49,802,993
Adjustment for assumed conversions | — |  | 744,558 |  | — |  | 990,268 |  | — |  | —
Adjusted weighted average of common stock outstanding for earnings per share | 50,262,302 |  | 51,006,860 |  | 50,345,353 |  | 51,335,621 |  | 49,802,993 |  | 49,802,993
(1) Figures have been calculated using non-rounded amounts.

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