NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2024

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. The denominator for diluted net income per share for the years ended on December 31, 2023 and 2022 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.

Net income per share of common stock is as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024				2023				2022
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per common share (1)	$	37.69	$	37.69	$	19.64	$	19.46	$	9.57	$	9.53

Numerator (in millions):
Net income	$	1,911	$	1,911	$	987	$	987	$	482	$	482
Effect of dilutive 2028 Notes	—		—		—		6		—		7
Net income available to common stock	$	1,911	$	1,911	$	987	$	993	$	482	$	489

Denominator:
Weighted average of common stock outstanding for earnings per share	50,697,428		50,697,428		50,262,302		50,262,302		50,345,353		50,345,353
Adjustment for assumed conversions	—		—		—		744,558		—		990,268
Adjusted weighted average of common stock outstanding for earnings per share	50,697,428		50,697,428		50,262,302		51,006,860		50,345,353		51,335,621

(1) Figures have been calculated using non-rounded amounts.