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Stockholders' Equity and Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity and Earnings Per Share [Abstract] |
Stockholders' Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share The following table presents the basic and diluted EPS calculations for the three and nine months ended September 30, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |  |  |  |
($ and shares in thousands, except per share data) |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  | $ | 299,166 |  |  | $ | 287,738 |  |  | $ | 872,471 |  |  | $ | 922,208 |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of shares outstanding |  |  |  |  |  | 138,606 |  |  | 141,485 |  |  | 138,997 |  |  | 141,356 |  |  |  |  |  |  |  |  |  |  |  |
Basic EPS |  |  |  |  |  | $ | 2.16 |  |  | $ | 2.03 |  |  | $ | 6.28 |  |  | $ | 6.52 |  |  |  |  |  |  |  |  |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  | $ | 299,166 |  |  | $ | 287,738 |  |  | $ | 872,471 |  |  | $ | 922,208 |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of shares outstanding |  |  |  |  |  | 138,606 |  |  | 141,485 |  |  | 138,997 |  |  | 141,356 |  |  |  |  |  |  |  |  |  |  |  |
Add: Dilutive impact of unvested RSUs |  |  |  |  |  | 1,042 |  |  | 637 |  |  | 942 |  |  | 688 |  |  |  |  |  |  |  |  |  |  |  |
Diluted weighted-average number of shares outstanding |  |  |  |  |  | 139,648 |  |  | 142,122 |  |  | 139,939 |  |  | 142,044 |  |  |  |  |  |  |  |  |  |  |  |
Diluted EPS |  |  |  |  |  | $ | 2.14 |  |  | $ | 2.02 |  |  | $ | 6.23 |  |  | $ | 6.49 |  |  |  |  |  |  |  |  |  |  |  |
Approximately one thousand and five thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2024, respectively. In comparison, approximately one million and 350 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2023, respectively. Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy ba ck up to $500 million of the Company’s common stock. For the three months ended September 30, 2024, there were no share repurchases. For the nine months ended September 30, 2024, the Company repurchased 1,742,496 shares at an average price of $70.72 per share at a total cost of $123 million. The Company did not repurchase any shares during the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had approximately $49 million available for repurchases under its stock repurchase program.

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