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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company calculates earnings per share under the two-class method. The Company has granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, the Company computes earnings per share under the two-class earnings allocation method, which computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
Basic earnings per share amounts have been computed as (i) net income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.
The following table summarizes the basic and diluted earnings per share for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (In thousands, except per share data)
Net income$213,361 $216,071 $412,715 $513,070 
Distributed and undistributed earnings allocated to participating securities(1,032)(726)(1,824)(1,453)
Net income attributable to common stockholders (basic)212,329 215,345 410,891 511,617 
Reallocation of distributed and undistributed earnings allocated to participating securities10 12 17 20 
Net income attributable to common stockholders (diluted)$212,339 $215,357 $410,908 $511,637 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding48,665 41,49445,048 41,531 
Dilutive effect of share-based awards
375 933 438 917 
Dilutive effect of warrants876 959 827 819 
Diluted weighted average common shares outstanding49,916 43,386 46,313 43,267 
Basic earnings per share$4.36 $5.19 $9.12 $12.32 
Diluted earnings per share$4.25 $4.96 $8.87 $11.83 
Anti-dilutive weighted average common shares:
Potential common shares1,818 4,118 2,028 4,340 
    
For the three and six months ended June 30, 2024 and 2023, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.