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Net Income Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Income Per Share
19)
Net Income Per Share

The following is a reconciliation of basic to diluted net income per share:

 

 

Years Ended December 31,

 

Numerator:

 

2022

 

 

2021

 

 

2020

 

Net income

 

$

333

 

 

$

551

 

 

$

350

 

Denominator:

 

 

 

 

 

 

 

 

 

Shares used in net income per common share – basic

 

 

59.7

 

 

 

55.4

 

 

 

55.1

 

Effect of dilutive securities

 

 

0.2

 

 

 

0.3

 

 

 

0.2

 

Shares used in net income per common share – diluted

 

 

59.9

 

 

 

55.7

 

 

 

55.3

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

5.57

 

 

$

9.95

 

 

$

6.36

 

Diluted

 

$

5.56

 

 

$

9.90

 

 

$

6.33

 

Basic earnings per share (“EPS”) is computed by dividing income available to holders of the Company’s common stock by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the treasury stock method) if securities containing potentially dilutive common shares (RSUs) had been converted to such common shares, and if such assumed conversion is dilutive.

In 2022, 2021 and 2020, the potential dilutive effect of the weighted average shares of RSUs that were excluded from the computation of diluted weighted-average shares outstanding, as the shares would have had an anti-dilutive effect on EPS, was immaterial.