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Earnings per Share (EPS) | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share (EPS) | Earnings per Share (EPS) 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 June 30, |  | Six Months Ended June 30,
(In thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income |  | $ | 172,233 |  |  | $ | 231,769 |  |  | $ | 343,060 |  |  | $ | 505,936 |
Basic weighted average shares outstanding |  | 106,249 |  |  | 106,921 |  |  | 106,594 |  |  | 107,540 |
Dilutive effect of nonvested shares |  | 844 |  |  | 362 |  |  | 744 |  |  | 393 |
Diluted weighted average shares outstanding |  | 107,093 |  |  | 107,283 |  |  | 107,338 |  |  | 107,933 |
Basic earnings per share |  | $ | 1.62 |  |  | $ | 2.17 |  |  | $ | 3.22 |  |  | $ | 4.70 |
Diluted earnings per share |  | $ | 1.61 |  |  | $ | 2.16 |  |  | $ | 3.20 |  |  | $ | 4.69 |
There were 15,528 and 180,561 antidilutive shares for the three months ended June 30, 2023 and 2022, respectively, and 63,433 and 131,073 antidilutive shares for the six months ended June 30, 2023 and 2022, respectively. 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
June 30, 2023 |  | 200% |  | 100% |  | 200% |  | 100% |  | 139% |  | 69.5% |  |
June 30, 2022 |  |  |  |  |  | 177% |  | 89% |  | 100% |  | 50% |  | 100%

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