Earnings Per Share

6 Months Ended

Jun. 30, 2021

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 is as follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income	$	196,247	$	158,488	$	380,486	$	305,548
Denominator for basic earnings per share	83,141		83,895		83,307		84,399
Dilutive securities	2,154		2,675		2,221		2,981
Denominator for diluted earnings per share	85,295		86,570		85,528		87,380
Basic earnings per share	$	2.36	$	1.89	$	4.57	$	3.62
Diluted earnings per share	$	2.30	$	1.83	$	4.45	$	3.50

Diluted earnings per share for both the three months ended June 30, 2021 and 2020 excludes the effect of 0.1 million and 0.3 million, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share also excludes the effect of 0.2 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for both the three month periods ended June 30, 2021 and 2020, respectively.