Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2022

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended March 31,
(In thousands, except per share amounts)		2022		2021
Net income		$	274,167	$	135,648

Basic weighted average shares outstanding		108,166		112,016
Dilutive effect of nonvested shares		424		362
Diluted weighted average shares outstanding		108,590		112,378

Basic earnings per share		$	2.53	$	1.21
Diluted earnings per share		$	2.52	$	1.21

There were 81,036 and 352,623 antidilutive shares for the three months ended March 31, 2022 and 2021, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth and relative total shareholder return as of March 31, 2022, the 2022 performance-based share awards would be issuable at 122% of target under the terms of the arrangements if March 31, 2022 was the end of the contingency period, which is 61% of the shares issued, and the 2021 performance-based share awards would be issuable at 100% of target under the terms of the arrangements if March 31, 2021 was the end of the contingency period, which is 50% of the shares issued.