Earnings per Share

3 Months Ended

Mar. 31, 2024

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method. Please refer to Note 9 - Earnings Per Share and Note 10 - Compensation Plans in the 2023 Form 10-K for additional detail on these potentially dilutive securities.

The following table sets forth the calculations of basic and diluted net income per common share:


	For the Three Months Ended March 31,
	2024		2023

	(in thousands, except per share data)
Net income	$	131,199	$	198,552

Basic weighted-average common shares outstanding	115,642		121,671
Dilutive effect of non-vested RSUs, contingent PSUs, and other	814		623
Diluted weighted-average common shares outstanding	116,456		122,294

Basic net income per common share	$	1.13	$	1.63
Diluted net income per common share	$	1.13	$	1.62