Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.21.2
Income Per Share
6 Months Ended
Jun. 30, 2021
Income Per Share  
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, 

2021

2020

 

2021

2020

Net income (in thousands) - basic and diluted

$

90,380

$

55,496

$

150,222

$

106,268

Weighted average number of common shares outstanding - basic

32,865,303

32,867,842

32,846,016

33,018,148

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

15,456

47,618

25,538

59,419

RSAs with market-based conditions

118,102

146,496

132,600

138,760

RSAs with performance-based conditions

59,167

17,314

54,094

33,546

Stock options

119,407

123,153

131,859

151,262

Weighted average number of common shares outstanding - diluted

33,177,435

33,202,423

33,190,107

33,401,135

Basic net income per common share

$

2.75

$

1.69

$

4.57

$

3.22

Diluted net income per common share

$

2.72

$

1.67

$

4.53

$

3.18

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, 

2021

 

2020

 

2021

 

2020

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

1,815

7,281

2,323

6,276

RSAs with market-based conditions

11,128

8,320

4,171

RSAs with performance-based conditions

Stock options

24,066

61,370

17,916

46,718

Total anti-dilutive common stock equivalents

37,009

68,651

28,559

57,165