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Net Income Per Common Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Net Income per Common Share | (5) Net Income per Common Share Basic income or loss per share attributable to common stockholders is computed as (i) income or loss attributable to common stockholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common stockholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. Diluted net income or loss per share is calculated under both the two class method and the treasury stock method and the more dilutive of the two calculations is presented. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common stockholders and to diluted income or loss attributable to common stockholders (in thousands except per share amounts):
| Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Net income as reported | $ | 871,142 |  |  | $ | 1,183,370 |  |  | $ | 411,778 |
Participating basic earnings (a) |  | (14,971 | ) |  |  | (28,578 | ) |  |  | (10,795 | )
Basic net income attributed to common stockholders |  | 856,171 |  |  |  | 1,154,792 |  |  |  | 400,983 |
Reallocation of participating earnings (a) |  | 159 |  |  |  | 614 |  |  |  | 272 |
Diluted net income attributed to common stockholders | $ | 856,330 |  |  | $ | 1,155,406 |  |  | $ | 401,255 |
Net income per common share: |  |  |  |  |  |  |  |
Basic | $ | 3.61 |  |  | $ | 4.79 |  |  | $ | 1.65 |
Diluted | $ | 3.57 |  |  | $ | 4.69 |  |  | $ | 1.61 |
(a) | Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.
The following table details basic weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic |  |  | 236,986 |  |  |  | 240,858 |  |  |  | 242,862 |
Effect of dilutive securities |  |  | 2,851 |  |  |  | 5,521 |  |  |  | 6,452 |
Weighted average common shares outstanding – diluted |  |  | 239,837 |  |  |  | 246,379 |  |  |  | 249,314 |
Weighted average common shares outstanding – basic excludes 4.1 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for the period ended December 31, 2023 compared to 6.1 million shares for the period ended December 31, 2022 and 6.5 million shares for the period ended December 31, 2021. Equity grants of 3,000 for the year ended December 31, 2023 compared to 5,000 shares for the year ended December 31, 2022 and 18,000 shares for the year ended December 31, 2021 were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations.

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