Net Income per Common Share

6 Months Ended

Jun. 30, 2021

4. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	497,235	$	78,924	$	669,815	$	87,691

Denominator:
Weighted average shares outstanding, basic		207,114		116,634		206,844		116,446
Dilutive effect of options and RSUs		1,204	913			1,626		1,074
Weighted average shares outstanding, diluted		208,318		117,547		208,470		117,520

Net income per share:
Basic	$	2.40	$	0.68	$	3.24	$	0.75
Diluted	$	2.39	$	0.67	$	3.21	$	0.75

Antidilutive and contingent RSUs excluded from diluted EPS	424		651		252		434