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Net Income Per Common Share
9 Months Ended
Sep. 30, 2021
Net Income Per Common Share [Abstract]  
Net Income Per Common Share Note 8 – Net Income per Common Share Basic net income per common share is based on the weighted average number of common shares outstanding and the minimum number of shares to be issued upon settlement of the stock purchase contracts issued under the tangible equity units. Diluted net income per common share is based on the weighted average number of common shares outstanding, potentially dilutive shares, and the expected number of shares to be issued upon settlement of the stock purchase contracts issued under the tangible equity units, based on the applicable market value of our common stock. The dilutive effect of employee stock-based compensation and shares issuable under the forward equity sale agreement (from the date the Company entered into the forward equity sale agreement to the settlement date) are included in the computation of diluted net income per common share. The dilutive effect of stock-based compensation and shares issuable under the forward equity sale agreement are calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation and settlement of the forward equity sale agreement. The treasury stock method assumes that the proceeds from stock-based compensation and settlement of the forward equity sale agreement are used to purchase the Company’s common stock at the average market price during the period. The following table summarizes the shares, in thousands, used in computing basic and diluted net income per common share:  Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Average common shares outstanding during the period for basic computation 258,773 254,280 256,051 248,212Effect of dilutive securities: Forward equity sale agreement 223 - 216 -Issuance of common stock from private placement - - - 5,929Tangible equity units - 591 - 615Employee stock-based compensation 441 291 496 383Average common shares outstanding during the period for diluted computation 259,437 255,162 256,763 255,139 For the three and nine months ended September 30, 2020, the average common shares outstanding during the period for diluted computation reflects the impact of the issuance of common stock from the March 16, 2020 private placement as if the shares were issued on January 1, 2020. The average common shares outstanding during the period for basic computation includes the weighted-average impact of 9,022,040 and 9,067,879 shares for the three and nine months ended September 30, 2021, respectively, and 9,091,179 and 9,464,482 shares for the three and nine months ended September 30, 2020, respectively, based on the minimum number of shares of 8,964,213 to be issued in April 2022 upon settlement of the stock purchase contracts issued in April 2019 under the tangible equity units. Further, for the three and nine months ended September 30, 2020, average common shares outstanding during the period for diluted computation includes the impact of the additional shares to be issued in April 2022 upon settlement of the stock purchase contracts based on the threshold appreciation price of $42.41. For the three and nine months ended September 30, 2021 and 2020, all of the Company’s outstanding employee stock options were included in the calculations of diluted net income per share as the calculated cost to exercise employee stock options was less than the average market price of the Company’s common stock during these periods. Additionally, the dilutive effect of performance share units and restricted share units granted are included in the Company’s calculation of diluted net income per share.