Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.20.2
Income Per Share
6 Months Ended
Jun. 30, 2020
Income Per Share  
Net Income Per Share

10. INCOME PER SHARE

Basic net income per share is calculated by dividing net income by the number of weighted average shares outstanding during the period, without consideration for common stock equivalents.

Diluted net income per share is calculated by adjusting the number of weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method.  

Basic and diluted net income per share were computed as follows:

Three Months Ended June 30, 

 

Six Months Ended June 30, 

2020

2019

 

2020

2019

Net income (in thousands) - basic and diluted

$

55,496

$

52,051

$

106,268

$

90,035

Weighted average number of common shares outstanding - basic

32,867,842

33,976,169

33,018,148

34,072,314

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

47,618

84,952

59,419

88,516

RSAs with market-based conditions

146,496

174,840

138,760

177,436

RSAs with performance-based conditions

17,314

71,246

33,546

53,618

Stock options

123,153

250,457

151,262

238,164

Weighted average number of common shares outstanding - diluted

33,202,423

34,557,664

33,401,135

34,630,048

Basic net income per common share

$

1.69

$

1.53

$

3.22

$

2.64

Diluted net income per common share

$

1.67

$

1.51

$

3.18

$

2.60

The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive:

Three Months Ended June 30, 

 

Six Months Ended June 30, 

2020

 

2019

 

2020

 

2019

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

7,281

1,087

6,276

7,897

RSAs with market-based conditions

4,171

9,851

RSAs with performance-based conditions

Stock options

61,370

81,411

46,718

102,550

Total anti-dilutive common stock equivalents

68,651

82,498

57,165

120,298