Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.10.0.1
Income Per Share
9 Months Ended
Sep. 30, 2018
Income Per Share  
Income Per Share

9. 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, in thousands, except share and per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

2018

 

2017

 

2018

 

2017

Net income - basic and diluted

 

$

42,658

 

$

31,393

 

$

96,198

 

$

53,142

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

 

35,091,388

 

 

35,022,113

 

 

35,084,694

 

 

36,203,497

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

RSAs with service-based conditions

 

 

135,347

 

 

216,724

 

 

161,474

 

 

215,069

RSAs with market-based conditions

 

 

252,278

 

 

202,292

 

 

245,127

 

 

174,559

RSAs with performance-based conditions

 

 

23,875

 

 

 —

 

 

7,958

 

 

 —

Stock options

 

 

286,495

 

 

296,500

 

 

316,104

 

 

249,019

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - diluted

 

 

35,789,383

 

 

35,737,629

 

 

35,815,357

 

 

36,842,144

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

1.22

 

$

0.90

 

$

2.74

 

$

1.47

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

1.19

 

$

0.88

 

$

2.69

 

$

1.44

 

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, 

 

 

2018

 

2017

 

2018

 

2017

Anti-dilutive common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

RSAs with service-based conditions

 

 

9,775

 

 

 —

 

 

3,466

 

 

610

RSAs with market-based conditions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

RSAs with performance-based conditions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Stock options

 

 

76,030

 

 

5,010

 

 

62,528

 

 

59,298

Total anti-dilutive common stock equivalents

 

 

85,805

 

 

5,010

 

 

65,994

 

 

59,908