Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings per Share ("EPS")

During the three and six months ended June 30, 2022, we repurchased and subsequently retired 3,626,591 shares and 6,662,421 shares, respectively, of our common stock for $30.0 million and $60.0 million, respectively, under our common stock repurchase program. We did not repurchase any shares of our common stock under this program during the six months ended June 30, 2021.

The following table presents a reconciliation of the numerator and denominator of basic and diluted EPS for the three and six months ended June 30, 2022 and 2021:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in thousands, except per share amounts)
Numerator for basic and diluted EPS:
Net income	$	114,997	$	28,165	$	239,180	$	126,964
Denominator:
Weighted average common shares outstanding for basic calculation	258,845,588		267,560,712		260,719,446		267,440,501
Add: Effect of equity awards	—		247,232		14,827		324,877
Weighted average common shares outstanding for diluted calculation	258,845,588		267,807,944		260,734,273		267,765,378
Basic EPS	$	0.44	$	0.11	$	0.92	$	0.47
Diluted EPS	$	0.44	$	0.11	$	0.92	$	0.47

Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding, which included 219,622 and 206,934 shares of participating securities in the three and six months ended June 30, 2022, respectively, and 122,455 and 116,631 shares of participating securities in the three and six months ended June 30, 2021, respectively. Diluted EPS is calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted EPS calculation excludes consideration of 2,385,187 and 1,903,300 equivalent shares for the three and six months ended June 30, 2022, respectively, and 1,358,696 and 1,250,722 equivalent shares for the three and six months ended June 30, 2021, respectively, as their effect would have been anti-dilutive.