Earnings per share

3 Months Ended

Mar. 31, 2022

The Company calculates earnings per share in accordance with FASB guidance on earnings per share. Basic and diluted earnings per common share give effect to the change in the number of Company common shares outstanding. The calculation of basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the respective periods. The potentially dilutive shares, consisting of outstanding options on common shares, restricted share units, common shares to be issued under the ESPP and performance units, have been included in the computation of diluted net earnings per share and the number of weighted average shares outstanding, except where the result would be anti-dilutive.

The number of shares subject to stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive is 1,575,294 and 2,738,799 for the three months ended March 31, 2021 and 2022, respectively.

17. Earnings per share (Continued)


	Three months ended March 31,
	2021		2022
Net income	$	91,273	$	96,179
Weighted average number of common shares used in computing basic earnings per common share	188,650,112		185,637,776
Dilutive effect of stock-based awards	4,563,146		3,920,628
Weighted average number of common shares used in computing dilutive earnings per common share	193,213,258		189,558,404
Earnings per common share
Basic	$	0.48	$	0.52
Diluted	$	0.47	$	0.51