Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2023

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)		2023		2022
Net income		$	170,827	$	274,167

Basic weighted average shares outstanding		106,943		108,166
Dilutive effect of nonvested shares		642		424
Diluted weighted average shares outstanding		107,585		108,590

Basic earnings per share		$	1.60	$	2.53
Diluted earnings per share		$	1.59	$	2.52

There were 111,870 and 81,036 antidilutive shares for the three months ended March 31, 2023 and 2022.

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2023, 2022 and 2021 performance-based share awards vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period. The performance-based share awards granted in years before 2021 vest based upon our compounded annual book value per share growth percentage during a three-year performance period. The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period.


	2023 Performance-Based Grants		2022 Performance-Based Grants		2021 Performance-Based Grants		2020 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target and Shares Issued
March 31, 2023	200%	100%	170%	85%	100%	50%
March 31, 2022			122%	61%	100%	50%	100%