Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of reconciliation of net income and weighted average common shares outstanding used in computations of basic and diluted earnings per common share

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2021		2020		2021		2020
Net income	$	205,353	$	124,536	$	500,796	$	289,439

Basic weighted average shares outstanding	111,001		111,908		111,708		104,147
Dilutive effect of nonvested shares	386		226		362		236
Diluted weighted average shares outstanding	111,387		112,134		112,070		104,383

Basic earnings per share	$	1.85	$	1.11	$	4.48	$	2.78
Diluted earnings per share	$	1.84	$	1.11	$	4.47	$	2.77

Schedule of percent of shares issuable under terms of agreement

Based on the compounded annual book value per share growth as of September 30, 2020, the following percentages of the performance-based share awards would have been issuable under the terms of the arrangements if September 30, 2020 was the end of the contingency period:


2018 Performance-Based Grants	100	%
2019 Performance-Based Grants	100	%
2020 Performance-Based Grants	—	%