Earnings per Share (EPS)

12 Months Ended

Dec. 31, 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 for the years ended December 31:


(In thousands, except per share amounts)	2024		2023		2022
Net income	$	729,403	$	696,386	$	831,353

Basic weighted average shares outstanding	105,394		106,222		107,205
Dilutive effect of nonvested shares	1,156		907		448
Diluted weighted average shares outstanding	106,550		107,129		107,653

Basic earnings per share	$	6.92	$	6.56	$	7.75
Diluted earnings per share	$	6.85	$	6.50	$	7.72

There were 51,776, 48,087 and 77,759 antidilutive shares for the years ended December 31, 2024, 2023 and 2022, 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
As of December 31,	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
2024	100%	50%	174%	87%	168%	84%	(1)	(1)
2023			200%	100%	200%	100%	133%	66%
2022					131%	66%	100%	50%

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