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Net Income per Common Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Income per Common Share

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

451,457

 

 

$

738,007

 

 

$

1,189,862

 

 

$

2,364,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

124,577

 

 

 

155,309

 

 

 

129,521

 

 

 

167,522

 

Dilutive effect of options and RSUs

 

 

1,215

 

 

 

1,184

 

 

 

1,213

 

 

 

1,589

 

Weighted average shares outstanding, diluted

 

 

125,792

 

 

 

156,493

 

 

 

130,734

 

 

 

169,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

3.62

 

 

$

4.75

 

 

$

9.19

 

 

$

14.12

 

Diluted

 

$

3.59

 

 

$

4.72

 

 

$

9.10

 

 

$

13.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

5

 

 

 

8

 

 

 

3

 

 

 

129