Annual report pursuant to Section 13 and 15(d)

Net Income Per Share

v3.19.3.a.u2
Net Income Per Share
12 Months Ended
Dec. 31, 2019
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,

2019

2018

2017

Net income (in thousands) - basic and diluted

$

190,995

$

134,752

$

158,133

Weighted average number of common shares outstanding - basic

33,806,104

34,921,318

35,897,641

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

87,159

151,324

221,497

RSAs with market-based conditions

189,044

238,313

185,069

RSAs with performance-based conditions

69,199

20,432

Stock options

225,049

281,932

267,939

Weighted average number of common shares outstanding - diluted

34,376,555

35,613,319

36,572,146

Basic net income per common share

$

5.65

$

3.86

$

4.41

Diluted net income per common share

$

5.56

$

3.78

$

4.32

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,

2019

2018

2017

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

3,948

5,192

458

RSAs with market-based conditions

4,925

7,498

RSAs with performance-based conditions

Stock options

54,435

72,515

45,308

Total anti-dilutive common stock equivalents

63,308

85,205

45,766