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Net Income Per Share (Notes) | 3 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Net Income per Share |
7. | Net Income Per Share
We utilize the two-class method to compute net income per share. The two-class method allocates a portion of net income to participating securities, which includes unvested awards of share-based payments with non-forfeitable rights to receive dividends. Net income allocated to unvested share-based payments is excluded from net income allocated to common shares. Any undistributed losses resulting from dividends exceeding net income are not allocated to participating securities. Basic net income per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-vested and performance-based restricted stock units (“RSUs”). The following table summarizes the net income allocated to common shares and the basic and diluted shares used in the net income per share computations:
| Three Months Ended March 31, |  |
(in thousands) | 2022 | 2021 |  |  |
Net income | $ | 69,884 |  | $ | 61,922 |  |  |  |
Less distributed and undistributed earnings allocated to participating securities | (47) |  | (197) |  |  |  |
Net income allocated to common shares | $ | 69,837 |  | $ | 61,725 |  |  |  |
Weighted average common shares outstanding | 38,288 |  | 38,216 |  |  |  |
Incremental shares from assumed time-vested and performance-based RSU awards | 405 |  | 623 |  |  |  |
Adjusted weighted average common shares outstanding | 38,693 |  | 38,839 |  |  |  |
Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect | 25 | — |  |  |  |

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