Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v3.22.1
Net Income Per Share
3 Months Ended
Mar. 31, 2022
Net Income Per Share  
Net Income Per Share

10. 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 March 31, 

2022

2021

Net income (in thousands) - basic and diluted

$

114,711

$

59,842

Weighted average number of common shares outstanding - basic

32,738,525

32,826,515

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

15,127

35,619

RSAs with market-based conditions

100,158

147,098

RSAs with performance-based conditions

64,025

49,020

Stock options

124,655

144,311

Weighted average number of common shares outstanding - diluted

33,042,490

33,202,563

Basic net income per common share

$

3.50

$

1.82

Diluted net income per common share

$

3.47

$

1.80

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, 

2022

 

2021

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

10,244

2,831

RSAs with market-based conditions

382

5,512

RSAs with performance-based conditions

7,908

Stock options

16,587

11,766

Total anti-dilutive common stock equivalents

35,121

20,109