Earnings Per Share

9 Months Ended

Sep. 30, 2022

Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted stock units and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
	(In thousands, except per share amounts)



Net Income	$549,603	$171,902	$937,349	$79,800
Basic weighted average common shares outstanding	61,703	46,290	61,624	45,063
Dilutive impact of restricted stock units	167	305	303	244
Dilutive impact of warrants	—	501	—	1,812
Diluted weighted average common shares outstanding	61,870	47,096	61,927	47,119

Net Income Per Common Share
Basic	$8.91	$3.71	$15.21	$1.77
Diluted	$8.88	$3.65	$15.14	$1.69

Restricted stock units (1)	100	8	28	28
Warrants (1)	481	481	416	481

(1) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.