Earnings Per Share

12 Months Ended

Dec. 31, 2022

Note 7. Earnings Per Share

Basic earnings per share is computed by dividing net income by the daily weighted average number of shares of our common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding on our Balance Sheets.

Diluted earnings per share is computed using the treasury stock method. The denominator used in calculating diluted earnings per share includes the impact of unvested restricted stock and other dilutive, non-participating securities under our equity award agreements. The denominator excludes contingently-issuable shares under performance-based award agreements when the performance target has not yet been deemed achieved.

The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Weighted average shares outstanding - basic		112,340,791		115,651,411		117,737,180
Dilutive effect of share-based awards		737,029		758,578		756,023
Weighted average shares outstanding - diluted		113,077,820		116,409,989		118,493,203