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Earnings Per Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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 nine months ended September 30, 2021 and 2020 is as follows (in thousands, except per share data):

 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income$234,007 $188,817 $614,493 $494,365 
Denominator for basic earnings per share81,836 83,719 82,811 84,170 
Dilutive securities1,880 2,554 2,106 2,836 
Denominator for diluted earnings per share83,716 86,273 84,917 87,006 
Basic earnings per share$2.86 $2.26 $7.42 $5.87 
Diluted earnings per share$2.80 $2.19 $7.24 $5.68 
Diluted earnings per share for both the three months ended September 30, 2021 and 2020 excludes the effect of 0.2 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 and 0.1 million shares of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended September 30, 2021 and 2020, respectively.