Net Income Per Share (Notes)

3 Months Ended

Mar. 31, 2023


7.			Earnings Per Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income 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 and the basic and diluted shares used in the earnings per share computations:


	Three Months Ended March 31,
(in thousands)		2023		2022

Net income		$	94,595	$	69,884
Less distributed and undistributed earnings allocated to participating securities		—		(47)
Net income allocated to common shares		$	94,595	$	69,837

Weighted average common shares outstanding		37,990		38,288
Incremental shares from assumed time-vested and performance-based RSU awards		683		405
Adjusted weighted average common shares outstanding		38,673		38,693

Potentially dilutive securities not included in weighted average share calculation due to anti-dilutive effect		—		25