Basic and Diluted Net Income Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share

7. Basic and Diluted Net Income Per Share

Basic net income per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for the period presented.

Diluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (CESs) outstanding for each period presented.

In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	30,825	$	30,593	$	61,417	$	53,236
Earnings per share:
Basic	$	0.49	$	0.48	$	0.97	$	0.84
Effect of CESs		-	-			-		(0.01	)
Diluted	$	0.49	$	0.48	$	0.97	$	0.83
Weighted average number of shares:
Basic		62,954		63,537		63,083		63,591
Effect of CESs		465		739		561		780
Diluted		63,419		64,276		63,644		64,371

The number of anti-dilutive CESs during the three and six months ended June 30, 2022 and 2021 was immaterial.