EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

The following are computations of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	115,766	$	148,157	$	188,167	$	193,471

Denominator:
Weighted-average basic shares outstanding	54,092		54,318		54,084		54,362
Dilutive effect of outstanding stock awards	356		279		338		277
Dilutive shares outstanding	54,448		54,597		54,422		54,639

Basic earnings per share:	$	2.14	$	2.73	$	3.48	$	3.56

Diluted earnings per share:	$	2.13	$	2.71	$	3.46	$	3.54

For the three months ended June 30, 2023 and 2022, all outstanding performance awards and restricted stock awards were included in the calculation of diluted earnings per share except for 105,560 and 104,700, respectively, of performance stock awards for which the performance criteria were not attained at the reporting dates. For the three months ended June 30, 2023 there were no restricted stock awards excluded from the calculation of diluted earnings per share. For the three months ended June 30, 2022 there were 8,376 restricted stock awards which were excluded from the calculation of diluted earnings per share as their inclusion would have an antidilutive effect.

For the six months ended June 30, 2023 and 2022, all outstanding performance awards and restricted stock awards were included in the calculation of diluted earnings per share except for 105,560 and 104,700, respectively, of performance stock awards for which the performance criteria were not attained at the reporting dates and 19,839 and 25,876, respectively, of restricted stock awards which were excluded as their inclusion would have an antidilutive effect.