Earnings per Share (EPS)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Net income	$	176,175	$	177,959	$	561,503	$	521,019

Basic weighted average shares outstanding	105,266		105,979		105,539		106,387
Dilutive effect of nonvested shares	1,288		1,046		1,161		845
Diluted weighted average shares outstanding	106,554		107,025		106,700		107,232

Basic earnings per share	$	1.67	$	1.68	$	5.32	$	4.90
Diluted earnings per share	$	1.65	$	1.66	$	5.26	$	4.86

There were 2,842 and 65,435 antidilutive shares for the three months ended September 30, 2024 and 2023, respectively, and 69,021 and 64,108 antidilutive shares for the nine months ended September 30, 2024 and 2023, respectively.

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2024, 2023, and 2022 performance-based share awards vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period. The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period.


	2024 Performance-Based Grants		2023 Performance-Based Grants		2022 Performance-Based Grants		2021 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued
September 30, 2024	181%	90.5%	200%	100%	200%	100%	(1)	(1)
September 30, 2023			200%	100%	200%	100%	157%	78.5%

(1) The 2021 performance based awards vested at 133% relative to target on March 1, 2024.