Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 is as follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	239,702	$	262,171	$	454,537	$	480,123
Denominator for basic earnings per share	73,887		76,769		73,705		77,250
Dilutive securities	1,114		1,470		1,058		1,512
Denominator for diluted earnings per share	75,001		78,239		74,763		78,762
Basic earnings per share	$	3.24	$	3.42	$	6.17	$	6.22
Diluted earnings per share	$	3.20	$	3.35	$	6.08	$	6.10

Diluted earnings per share for the three months ended June 30, 2023 and 2022 excludes the effect of 2.2 million and 2.3 million shares, 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 an immaterial amount of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended June 30, 2023 and 2022.