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Computation of Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Computation of Earnings Per Share | Computation of Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. When the impact of common stock equivalents is anti-dilutive, they are excluded from the calculation. The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data).
| 2020 |  | 2019 |  | 2018
Numerator: |  |  |  |  |
Net income used for calculating basic and diluted income per common share | $ | 266,745 |  |  | $ | 233,290 |  |  | $ | 122,456 |
Denominator: |  |  |  |  |
Weighted average common shares used in the calculation of basic income per share | 89,315 |  |  | 89,817 |  |  | 90,827 |
Common stock equivalents associated with stock-based compensation plans | 702 |  |  | 1,154 |  |  | 1,295 |
Shares used in the calculation of diluted income per share | 90,017 |  |  | 90,971 |  |  | 92,122 |
Income per share (1): |  |  |  |  |
Basic | $ | 2.99 |  |  | $ | 2.60 |  |  | $ | 1.35 |
Diluted | $ | 2.96 |  |  | $ | 2.56 |  |  | $ | 1.33 |
(1)Both basic and diluted income per share for 2020 and 2019 included a tax benefit of approximately $0.31 and $0.42 per share, respectively, related to intercompany sales of certain intellectual property. The table below presents the number of common stock equivalents that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the common stock equivalents were anti-dilutive because their exercise prices were greater than the average market price of a share of Common Stock during such year.
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Anti-dilutive common stock equivalents (in millions) (a) | 0.5 |  |  | 0.2 |  |  | — |
Average market price per share of Common Stock during the year | $ | 130.95 |  |  | $ | 148.38 |  |  | $ | 135.60 |
(a) The number of anti-dilutive common stock equivalents for 2018 were minimal.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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