Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v3.22.2.2
Net Income Per Share
9 Months Ended
Sep. 30, 2022
Net Income Per Share  
Net Income Per Share

9. NET 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 September 30, 

 

Nine Months Ended September 30, 

2022

2021

 

2022

2021

Net income (in thousands)

$

153,746

$

95,435

$

412,156

$

245,658

Weighted average number of common shares outstanding - basic

32,076,285

32,763,311

32,404,275

32,818,145

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

17,175

15,058

14,808

22,044

RSAs with market-based conditions

44,001

115,105

65,677

126,769

RSAs with performance-based conditions

40,995

73,597

48,232

60,595

Stock options

101,364

121,609

110,169

128,442

Weighted average number of common shares outstanding - diluted

32,279,820

33,088,680

32,643,161

33,155,995

Basic net income per common share

$

4.79

$

2.91

$

12.72

$

7.49

Diluted net income per common share

$

4.76

$

2.88

$

12.63

$

7.41

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 September 30, 

 

Nine Months Ended September 30, 

2022

 

2021

 

2022

 

2021

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

15,222

176

14,782

1,607

RSAs with market-based conditions

134

11,065

200

9,235

RSAs with performance-based conditions

14,611

-

7,506

-

Stock options

22,280

24,066

20,581

19,966

Total anti-dilutive common stock equivalents

52,247

35,307

43,069

30,808