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Annual report pursuant to Section 13 and 15(d)

Net Income Per Share

v3.22.0.1
Net Income Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract] Ìý
Net Income Per Share Net Income Per Share
Basic income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is computed based upon the weighted average number of shares outstanding during the period plus unvested shares issued pursuant to our equity and deferred compensation plan. The computation of diluted net income per share reflects the potential dilution that could occur if all outstanding awards under the 2021 Plan were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company.

The following table sets forth the computation of net income per share for the years ended December 31, 2021, 2020 and 2019 (in thousands, except number of shares and per share data):

Years Ended December 31,
Ìý 2021 2020 2019
Net income $ 269,980Ìý $ 176,049Ìý $ 318,728Ìý
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share 7,752,027Ìý 7,756,156Ìý 7,756,437Ìý
Basic earnings per share $ 34.83Ìý $ 22.70Ìý $ 41.09Ìý
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share 7,752,027Ìý 7,756,156Ìý 7,756,437Ìý
Effect of Dilutive securities:
Stock-based incentive plan 27Ìý —Ìý —Ìý
Weighted average shares outstanding for diluted earnings per share 7,752,054Ìý 7,756,156Ìý 7,756,437Ìý
Diluted earnings per share $ 34.83Ìý $ 22.70Ìý $ 41.09Ìý

Restricted stock is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic earnings per share calculation until such time as the shares of restricted stock vest.