Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per ShareBasic 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 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,
	2023	2022*	2023	2022*
	(In thousands, except per share amounts)



Net Income	$119,484	$502,039	$232,226	$797,575
Basic weighted average common shares outstanding	67,931	61,703	63,827	61,624
Dilutive impact of restricted stock units	152	167	189	303

Diluted weighted average common shares outstanding	68,083	61,870	64,016	61,927

Net Income Per Common Share
Basic	$1.76	$8.14	$3.64	$12.94
Diluted	$1.75	$8.11	$3.63	$12.88

Restricted stock units (1)	54	100	75	28
Warrants (1)	481	481	481	416

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

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