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NET INCOME PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

Net income

 

$

56,853

 

 

$

39,839

 

Adjustment for Basic EPS:

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(201

)

 

 

(213

)

Adjusted net income

 

$

56,652

 

 

$

39,626

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

47,557,959

 

 

 

47,523,593

 

Effect of dilutive shares:

 

 

 

 

 

 

Common stock equivalents arising from stock options and ESPP

 

 

462

 

 

 

940

 

Restricted stock awards and units and performance units

 

 

70,071

 

 

 

42,474

 

Weighted average common shares outstanding – Diluted

 

 

47,628,492

 

 

 

47,567,007

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

1.19

 

 

$

0.83

 

Diluted

 

$

1.19

 

 

$

0.83