Earnings per Share (EPS)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Net income	$	178,051	$	205,353	$	683,987	$	500,796

Basic weighted average shares outstanding	106,870		111,001		107,314		111,708
Dilutive effect of nonvested shares	467		386		418		362
Diluted weighted average shares outstanding	107,337		111,387		107,732		112,070

Basic earnings per share	$	1.67	$	1.85	$	6.37	$	4.48
Diluted earnings per share	$	1.66	$	1.84	$	6.35	$	4.47

There were 10,417 and 181,476 antidilutive shares for the three months ended September 30, 2022 and 2021, respectively, and 90,413 and 230,595 antidilutive shares for the nine months ended September 30, 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 September 30, 2022, the 2022 performance-based share awards would be issuable at 146% of target under the terms of the arrangements if September 30, 2022 was the end of the contingency period, which is 73% 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 September 30, 2022 was the end of the contingency period, which is 50% of the shares issued.

Based on the compounded annual book value per share growth and relative total shareholder return as of September 30, 2021, the 2021 performance-based share awards would be issuable at 100% of target under the terms of the arrangements if September 30, 2021 was the end of the contingency period, which is 50% of the shares issued.