Net Income Per Share

3 Months Ended

Mar. 31, 2022

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):


	Three months ended March 31
	2022		2021
Weighted average shares outstanding (basic)	160,588		162,441
Impact of common stock equivalents	1,323		1,296
Weighted average shares outstanding (diluted)	161,911		163,737
Per share:
Basic	$	0.38	$	0.43
Diluted	0.38		0.43