Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2022

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 June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Net income	$	231,769	$	159,795	$	505,936	$	295,443

Basic weighted average shares outstanding	106,921		112,118		107,540		112,067
Dilutive effect of nonvested shares	362		336		393		349
Diluted weighted average shares outstanding	107,283		112,454		107,933		112,416

Basic earnings per share	$	2.17	$	1.43	$	4.70	$	2.64
Diluted earnings per share	$	2.16	$	1.42	$	4.69	$	2.63

There were 180,561 and 159,568 antidilutive shares for the three months ended June 30, 2022 and 2021, respectively, and 131,073 and 255,562 antidilutive shares for the six months ended June 30, 2022 and 2021, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth and relative total shareholder return as of June 30, 2022, the 2022 performance-based share awards would be issuable at 177% of target under the terms of the arrangements if June 30, 2022 was the end of the contingency period, which is 88.5% of the shares issued, and the 2021 performance-based share awards would be issuable at 100% of target under the terms of the arrangements if June 30, 2021 was the end of the contingency period, which is 50% of the shares issued.