Earnings per Share

6 Months Ended

Jun. 30, 2023

Basic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Equity Awards Plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income per share as their impact would be anti-dilutive.

A reconciliation of the numerators and denominators used for the basic and diluted net income per share computations is as follows (in thousands of dollars):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	150,064	$	68,458	$	404,057	$	77,250

Denominator:
Basic weighted-average common shares outstanding	229,033		243,969		231,084		243,621
Dilutive effect of restricted stock awards granted to Board of Directors	83		195		76		180
Dilutive effect of time-based restricted stock awards granted under the Equity Plan	2,565		5,223		2,546		4,628
Dilutive effect of performance-based restricted stock awards granted under the Equity Plan	1,541		1,388		1,496		1,033

Diluted weighted-average common shares outstanding	233,222		250,775		235,202		249,462