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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2024
Net Income Per Common Share [Abstract] |
Net Income Per Common Share | Note 8 – Net Income per Common Share Basic net income per common share is based on the weighted average number of common shares outstanding and the weighted average minimum number of shares issued upon settlement of the stock purchase contracts issued under the tangible equity units. Diluted net income per common share is based on the weighted average number of common shares outstanding and potentially dilutive shares. The dilutive effect of employee stock-based compensation is included in the computation of diluted net income per common share. The dilutive effect of stock-based compensation is calculated using the treasury stock method and expected proceeds upon exercise of the stock-based compensation. The treasury stock method assumes that the proceeds from stock-based compensation is used to purchase the Company’s common stock at the average market price during the period. The following table summarizes the shares, in thousands, used in computing basic and diluted net income per common share:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Average common shares outstanding during the period for basic computation |  | 274,021 |  | 266,767 |  | 273,656 |  | 265,135
Effect of dilutive securities: |  |  |  |  |  |  |  |
Employee stock-based compensation |  | 522 |  | 409 |  | 471 |  | 553
Average common shares outstanding during the period for diluted computation |  | 274,543 |  | 267,176 |  | 274,127 |  | 265,688
The number of outstanding employee stock options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was: 243,780 for the three and nine months ended September 30, 2024; and 150,062 for the three and nine months ended September 30, 2023. Additionally, the dilutive effect of performance share units and restricted share units granted are included in the Company’s calculation of diluted net income per share.

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