Quarterly report pursuant to Section 13 or 15(d)

Income (Loss) Per Share

v3.10.0.1
Income (Loss) Per Share
6 Months Ended
Jun. 30, 2018
Income (Loss) Per Share  
Income (Loss) 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 June 30, 

 

Six Months Ended June 30, 

 

 

2018

 

2017

 

2018

 

2017

Net income - basic and diluted

 

$

27,153

 

$

23,460

 

$

53,540

 

$

21,749

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

 

35,102,429

 

 

36,488,222

 

 

35,081,292

 

 

36,803,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

RSAs with service-based conditions

 

 

165,951

 

 

227,185

 

 

174,537

 

 

214,242

RSAs with market-based conditions

 

 

253,382

 

 

189,835

 

 

241,552

 

 

160,693

RSAs with performance-based conditions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Stock options

 

 

315,340

 

 

286,057

 

 

330,909

 

 

225,279

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - diluted

 

 

35,837,102

 

 

37,191,299

 

 

35,828,290

 

 

37,404,193

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.77

 

$

0.64

 

$

1.53

 

$

0.59

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.76

 

$

0.63

 

$

1.49

 

$

0.58

 

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 June 30, 

 

Six Months Ended June 30, 

 

 

2018

 

2017

 

2018

 

2017

Anti-dilutive common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

RSAs with service-based conditions

 

 

349

 

 

985

 

 

312

 

 

916

RSAs with market-based conditions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

RSAs with performance-based conditions

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Stock options

 

 

76,349

 

 

96,211

 

 

55,777

 

 

86,442

Total anti-dilutive common stock equivalents

 

 

76,698

 

 

97,196

 

 

56,089

 

 

87,358