Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings per Share (EPS)

During the first quarter of 2022, we repurchased and subsequently retired 3,035,830 shares of our common stock for $30.0 million under our common stock repurchase program. We did not repurchase any shares of our common stock under this program during the first quarter of 2021.

The following table presents a reconciliation of the numerator and denominator of basic and diluted EPS for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
		2022		2021
		(Dollars in thousands, except per share amounts)
Numerator for basic and diluted EPS:
Net income		$	124,183	$	98,799
Denominator:
Weighted average common shares outstanding for basic calculation		262,592,029		267,318,860
Add: Effect of equity awards		65,770		146,459
Weighted average common shares outstanding for diluted calculation		262,657,799		267,465,319
Basic EPS		$	0.47	$	0.37
Diluted EPS		$	0.47	$	0.37

Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding, which included 172,010 and 110,647 shares of participating securities in the three months ended March 31, 2022 and 2021 respectively. Diluted EPS is calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted EPS calculation excludes consideration of 1,479,638 and 1,106,823 equivalent shares for the three months ended March 31, 2022 and 2021, respectively, as their effect would have been anti-dilutive.