Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.19.2
Income Per Share
6 Months Ended
Jun. 30, 2019
Income Per Share  
Income Per Share

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

Three Months Ended June 30, 

 

Six Months Ended June 30, 

2019

2018

 

2019

2018

Net income - basic and diluted

$

52,051

$

27,153

$

90,035

$

53,540

Weighted average number of common shares outstanding - basic

33,976,169

35,102,429

34,072,314

35,081,292

Dilutive effect of common stock equivalents:

RSAs with service-based conditions

84,952

165,951

88,516

174,537

RSAs with market-based conditions

174,840

253,382

177,436

241,552

RSAs with performance-based conditions

71,246

53,618

Stock options

250,457

315,340

238,164

330,909

Weighted average number of common shares outstanding - diluted

34,557,664

35,837,102

34,630,048

35,828,290

Basic income per common share

$

1.53

$

0.77

$

2.64

$

1.53

Diluted income per common share

$

1.51

$

0.76

$

2.60

$

1.49

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, 

2019

 

2018

 

2019

 

2018

Anti-dilutive common stock equivalents:

RSAs with service-based conditions

1,087

349

7,897

312

RSAs with market-based conditions

9,851

RSAs with performance-based conditions

Stock options

81,411

76,349

102,550

55,777

Total anti-dilutive common stock equivalents

82,498

76,698

120,298

56,089