Annual report pursuant to Section 13 and 15(d)

Net Income Per Share

v3.22.4
Net Income Per Share
12 Months Ended
Dec. 31, 2022
Net Income Per Share  
Net Income Per Share

13.  NET INCOME PER SHARE

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

Diluted net income per share is calculated by adjusting 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:

Years Ended December 31,

2022

2021

2020

Net income (in thousands)

$

555,989

$

324,016

$

247,023

Weighted average number of common shares outstanding - basic

32,213,839

32,801,906

32,917,971

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

15,199

21,130

51,324

RSAs with market-based conditions

59,561

127,723

150,530

RSAs with performance-based conditions

46,601

65,262

41,807

Stock options

105,205

130,150

138,354

Weighted average number of common shares outstanding - diluted

32,440,405

33,146,171

33,299,986

Basic net income per common share

$

17.26

$

9.88

$

7.50

Diluted net income per common share

$

17.14

$

9.78

$

7.42

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

Years Ended December 31,

2022

2021

2020

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

14,882

1,206

3,138

RSAs with market-based conditions

157

6,926

2,085

RSAs with performance-based conditions

9,251

-

-

Stock options

21,006

19,121

29,998

Total anti-dilutive common stock equivalents

45,296

27,253

35,221