Basic and Diluted Earnings per Share

9 Months Ended

Sep. 30, 2023

Note 4. Basic and Diluted Earnings per Share

Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.

The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders:


	Three months ended September 30,
	Net earnings attributable to shareholders		Weighted average shares		Earnings per share
2023
Basic earnings attributable to shareholders	$	171,353		147,099	$	1.16
Effect of dilutive potential common shares		—		902		—
Diluted earnings attributable to shareholders	$	171,353		148,001	$	1.16
2022
Basic earnings attributable to shareholders	$	414,209		162,029	$	2.56
Effect of dilutive potential common shares		—		1,221		—
Diluted earnings attributable to shareholders	$	414,209		163,250	$	2.54



	Nine months ended September 30,
	Net earnings attributable to shareholders		Weighted average shares		Earnings per share
2023
Basic earnings attributable to shareholders	$	594,164		150,543	$	3.95
Effect of dilutive potential common shares		—		1,076		—
Diluted earnings attributable to shareholders	$	594,164		151,619	$	3.92
2022
Basic earnings attributable to shareholders	$	1,138,123		164,944	$	6.90
Effect of dilutive potential common shares		—		1,454		—
Diluted earnings attributable to shareholders	$	1,138,123		166,398	$	6.84

For the three and nine months ended September 30, 2023, 818 potential common shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive. For the three and nine months ended September 30, 2022, 976 potential common shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive.