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Computation of Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
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. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive. The table below sets forth the calculation of basic and diluted income per share for the periods indicated (in thousands, except per share data).
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |  |
Net income used for calculating basic and diluted income per share |  | $ | 415,049 |  |  | $ | 180,009 |  |  | $ | 855,142 |  |  | $ | 673,835 |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares used in the calculation of basic income per share |  | 77,484 |  |  | 78,923 |  |  | 77,880 |  | 79,220
Dilutive effect of outstanding awards associated with stock-based compensation plans (1) |  | 484 |  |  | 597 |  |  | 564 |  | 642
Shares used in the calculation of diluted income per share |  | 77,968 |  |  | 79,520 |  |  | 78,444 |  | 79,862
Basic income per share |  | $ | 5.36 |  |  | $ | 2.28 |  |  | $ | 10.98 |  |  | $ | 8.51 |
Diluted income per share |  | $ | 5.32 |  |  | $ | 2.26 |  |  | $ | 10.90 |  |  | $ | 8.44 |
(1)Certain outstanding awards associated with stock-based compensation plans were not included in the computation of diluted income per share because the effect would have been anti-dilutive. These anti-dilutive outstanding awards associated with stock-based compensation plans was de minimis and approximately 0.1 million for the three and nine months ended September 30, 2024, respectively and approximately 0.1 million for both the three and nine months ended September 30, 2023.

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