Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.21.1
Income Per Share
3 Months Ended
Mar. 31, 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 March 31, 

 

2021

2020

 

Net income (in thousands) - basic and diluted

$

59,842

$

50,771

Weighted average number of common shares outstanding - basic

32,826,515

33,168,453

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

35,619

71,221

RSAs with market-based conditions

147,098

131,024

RSAs with performance-based conditions

49,020

49,778

Stock options

144,311

179,371

Weighted average number of common shares outstanding - diluted

33,202,563

33,599,847

Basic net income per common share

$

1.82

$

1.53

Diluted net income per common share

$

1.80

$

1.51

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 March 31, 

 

2021

 

2020

 

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

2,831

5,271

RSAs with market-based conditions

5,512

8,341

RSAs with performance-based conditions

Stock options

11,766

32,067

Total anti-dilutive common stock equivalents

20,109

45,679