Net Income per Common Share

3 Months Ended

Mar. 31, 2023

4. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards 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:


	Three Months Ended March 31,
	2023		2022
	(in thousands, except per share amounts)
Numerator:
Net income	$	333,786	$	639,640

Denominator:
Weighted average shares outstanding, basic		137,074		177,120
Dilutive effect of options and RSUs		1,338		2,426
Weighted average shares outstanding, diluted		138,412		179,546

Net income per share:
Basic	$	2.44	$	3.61
Diluted	$	2.41	$	3.56

Antidilutive and contingent RSUs excluded from diluted EPS		1		71