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Earnings Per Share
 12 Months Ended
Dec. 31, 2023
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 years ended December 31 (in thousands, except per share data) follows:
202320222021
Net income$981,890 $954,327 $839,497 
Denominator for basic earnings per share73,155 75,598 82,060 
Dilutive securities1,232 1,264 2,001 
Denominator for diluted earnings per share74,387 76,862 84,061 
Basic earnings per share$13.42 $12.62 $10.23 
Diluted earnings per share$13.20 $12.42 $9.99 
Diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 excludes the effect of 2.0 million, 2.3 million and 1.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because
such effect would be antidilutive. Diluted earnings per share also excludes the effect of performance-based restricted stock for which the performance criteria have not yet been achieved, which was immaterial for 2023, 2022, and 2021.