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NET INCOME PER SHARE | 3 Months Ended
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Mar. 31, 2024
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 (“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 three-month period ended March 31, 2023. Accordingly, conversion of these Notes was not assumed for purposes of computing diluted earnings per share if the effect was antidilutive. The denominator for diluted net income per share for the three-month period ended March 31, 2023 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 have been antidilutive. See Note 13 – Loans payable and other financial liabilities to these unaudited interim condensed consolidated financial statements and Note 17 to the financial statements for the year ended December 31, 2023, contained in the Company’s 2023 10-K 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 three-month periods ended March 31, 2024 and 2023:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  |  |  |  |  | Basic |  | Diluted |  | Basic |  | Diluted
Net income per common share (1) |  |  |  |  |  |  |  |  | $ | 6.78 |  |  | $ | 6.78 |  |  | $ | 4.01 |  |  | $ | 3.97 |
Numerator (in millions): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  | $ | 344 |  |  | $ | 344 |  |  | $ | 201 |  |  | $ | 201 |
Effect of dilutive 2028 Notes |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net income available to common stock |  |  |  |  |  |  |  |  | $ | 344 |  |  | $ | 344 |  |  | $ | 201 |  |  | $ | 203 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average of common stock outstanding for earnings per share |  |  |  |  |  |  |  |  | 50,697,442 |  | 50,697,442 |  | 50,245,073 |  | 50,245,073
Adjustment for assumed conversions |  |  |  |  |  |  |  |  | — |  | — |  | — |  | 990,268
Adjusted weighted average of common stock outstanding for earnings per share |  |  |  |  |  |  |  |  | 50,697,442 |  | 50,697,442 |  | 50,245,073 |  | 51,235,341
(1) Figures have been calculated using non-rounded amounts.

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