Earnings per Share

6 Months Ended

Jun. 30, 2023

3. EARNINGS PER SHARE

Earnings per share is computed as follows:


	For the Three Months Ended June 30,
	2023						2022
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings per share	$	87,055		63,932	$	1.36	$	116,610		71,686	$	1.63
Effect of dilutive incentive-based awards				420						482
Diluted earnings per share	$	87,055		64,352	$	1.35	$	116,610		72,168	$	1.62


	For the Six Months Ended June 30,
	2023						2022
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings per share	$	70,588		63,955	$	1.10	$	107,623		73,623	$	1.46
Effect of dilutive incentive-based awards				524						826
Diluted earnings per share	$	70,588		64,479	$	1.09	$	107,623		74,449	$	1.45

In accordance with the Earnings Per Share Topic of the Accounting Standards Codification (“ASC"), basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the three and six months ended June 30, 2023, there were approximately 452,000 and 390,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and six months ended June 30, 2022, there were approximately 269,000 and 204,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. The Company’s outstanding performance-vesting restricted awards of approximately 816,000 and 994,000 as of June 30, 2023 and 2022, respectively, are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period.