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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share ("EPS") During the nine months ended September 30, 2022, we repurchased 6,662,421 shares of our common stock for $60.0 million under our common stock repurchase program. We did not repurchase any shares of our common stock in the third quarter of 2022. In the three and nine months ended September 30, 2021, we repurchased 4,293,924 shares of our common stock for $46.2 million under our common stock repurchase program. The settled shares were subsequently retired. As of September 30, 2021, there were 363,616 shares with a cost of $3.9 million that were pending settlement. The following table presents a reconciliation of the numerator and denominator of basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
| (Dollars in thousands, except per share amounts) |  |  |  |
Numerator for basic and diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 93,451 |  |  | $ | 119,886 |  |  | $ | 332,631 |  |  | $ | 246,850 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for basic calculation | 256,848,575 |  |  | 267,106,109 |  |  | 259,415,295 |  |  | 267,327,888 |  |  |  |  |
Add: Effect of equity awards | 4,879 |  |  | 72,854 |  |  | 9,590 |  |  | 113,506 |  |  |  |  |
Weighted average common shares outstanding for diluted calculation | 256,853,454 |  |  | 267,178,963 |  |  | 259,424,885 |  |  | 267,441,394 |  |  |  |  |
Basic EPS | $ | 0.36 |  |  | $ | 0.45 |  |  | $ | 1.28 |  |  | $ | 0.92 |  |  |  |  |
Diluted EPS | $ | 0.36 |  |  | $ | 0.45 |  |  | $ | 1.28 |  |  | $ | 0.92 |  |  |  |  |
Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding, which included 251,233 and 222,181 shares of participating securities in the three and nine months ended September 30, 2022, respectively, and 136,324 and 123,343 shares of participating securities in the three and nine months ended September 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 2,436,019 and 2,227,682 equivalent shares for the three and nine months ended September 30, 2022, respectively, and 1,372,601 and 1,461,000 equivalent shares for the three and nine months ended September 30, 2021, respectively, as their effect would have been anti-dilutive.

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