Earnings Per Share

12 Months Ended

Dec. 31, 2023

17. Earnings Per Share

We use the treasury stock method to calculate earnings per share (which we refer to as “EPS”) as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 (in thousands, except share and per share information):



	Year Ended December 31,
	2023		2022		2021
Numerator
Net income	$	259,224	$	525,126	$	498,504
Denominator
Weighted average common shares outstanding - basic		31,918,942		32,578,967		33,706,782
Dilutive effect of stock-based compensation awards		290,417		398,968		738,136
Weighted average common shares outstanding - diluted		32,209,359		32,977,935		34,444,918
Earnings per share:
Basic	$	8.12	$	16.12	$	14.79
Diluted	$	8.05	$	15.92	$	14.47

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.8 million, 0.5 million, and 0.2 million common stock unit equivalents from diluted earnings per share during the years ended December 31, 2023, 2022 and 2021, respectively, related to the PSUs for which performance conditions remained unsatisfied.