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NET INCOME PER SHARE
 9 Months Ended
Sep. 30, 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 nine and three-month periods ended September 30, 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 nine and three-month periods ended September 30, 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 nine and three-month periods ended September 30, 2024 and 2023:
Nine Months Ended September 30,Three Months Ended September 30,
2024202320242023
BasicDilutedBasicDilutedBasicDilutedBasicDiluted
Net income per common share (1)
$25.09 $25.09 $16.40 $16.36 $7.83 $7.83 $7.18 $7.16 
 
Numerator (in millions):
Net income$1,272 $1,272 $822 $822 $397 $397 $359 $359 
Effect of dilutive 2028 Notes— — — 1 — — — — 
Net income available to common stock$1,272 $1,272 $822 $823 $397 $397 $359 $359 
    
Denominator:    
Weighted average of common stock outstanding for earnings per share50,697,44250,697,44250,137,82650,137,82650,697,43850,697,43850,008,32050,008,320
Adjustment for assumed conversions———201,119———201,119
Adjusted weighted average of common stock outstanding for earnings per share50,697,44250,697,44250,137,82650,338,94550,697,43850,697,43850,008,32050,209,439
(1) Figures have been calculated using non-rounded amounts.