v3.22.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share

4. EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, restricted stock units (“RSUs”), performance stock units (“PSUs”) and performance stock options (“PSOs”).

The following table presents the computation of basic and diluted EPS:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

Net income

 

$

228,423

 

 

$

196,819

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

81,591

 

 

 

82,640

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

PSUs, RSUs and PSOs

 

 

695

 

 

 

853

 

Diluted weighted average common shares outstanding

 

 

82,286

 

 

 

83,493

 

 

 

 

 

 

 

 

 

 

Earnings per basic common share

 

$

2.80

 

 

$

2.38

 

 

 

 

 

 

 

 

 

 

Earnings per diluted common share

 

$

2.78

 

 

$

2.36