Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Net income	$	203,609	$	172,233	$	385,328	$	343,060

Basic weighted average shares outstanding	105,657		106,249		105,677		106,594
Dilutive effect of nonvested shares	1,121		844		1,097		744
Diluted weighted average shares outstanding	106,778		107,093		106,774		107,338

Basic earnings per share	$	1.93	$	1.62	$	3.65	$	3.22
Diluted earnings per share	$	1.91	$	1.61	$	3.61	$	3.20

There were 37,219 and 15,528 antidilutive shares for the three months ended June 30, 2024 and 2023, respectively, and 102,475 and 63,433 antidilutive shares for the six months ended June 30, 2024 and 2023, respectively.

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2024, 2023, and 2022 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 following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period.


	2024 Performance-Based Grants		2023 Performance-Based Grants		2022 Performance-Based Grants		2021 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	As a Percent of Shares Issued
June 30, 2024	190%	95%	200%	100%	200%	100%	(1)	(1)
June 30, 2023			200%	100%	200%	100%	139%	69.5%

(1) The 2021 performance based awards vested at 133% relative to target on March 1, 2024.