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Net Income Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows.
Net income per share
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands, except per-share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income—basic and diluted |  | $ | 146,087 |  |  | $ | 201,193 |  |  | $ | 303,844 |  |  | $ | 382,324 |
Average common shares outstanding—basic |  | 159,010 |  |  | 173,705 |  |  | 159,250 |  |  | 175,491 |
Dilutive effect of share-based compensation arrangements (1) |  | 1,734 |  |  | 1,714 |  |  | 1,879 |  |  | 1,858 |
Adjusted average common shares outstanding—diluted |  | 160,744 |  |  | 175,419 |  |  | 161,129 |  |  | 177,349 |
Net income per share |  |  |  |  |  |  |  |
Basic |  | $ | 0.92 |  |  | $ | 1.16 |  |  | $ | 1.91 |  |  | $ | 2.18 |
Diluted |  | $ | 0.91 |  |  | $ | 1.15 |  |  | $ | 1.89 |  |  | $ | 2.16 |
The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Shares of common stock equivalents |  | 112 |  |  | 189 |  |  | 86 |  |  | — |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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