SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of accumulated other comprehensive loss

The components of accumulated other comprehensive loss were as follows (in thousands):



	March 31, 2019			December 31, 2018
Foreign currency translation adjustment	$	(10,578	)	$	(10,958	)
Net unrealized loss on investments, net of tax	(730		)	(730		)
Total accumulated other comprehensive loss	$	(11,308	)	$	(11,688	)

Calculation of basic and diluted net income (loss) per share

The following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share data):



	Three Months Ended March 31,
Numerator:	2019		2018
Numerator:
Net income	$	85,169	$	52,231
Denominator:
Denominator for basic net income per share — weighted-average outstanding shares	36,237		35,893
Effect of dilutive securities:
Stock options and restricted stock awards	330		457
Denominator for diluted net income per share — weighted-average outstanding shares	36,567		36,350

Net income per share — basic	$	2.35	$	1.46
Net income per share — diluted	$	2.33	$	1.44

Schedule of anti-dilutive securities excluded from computation of earnings per share

The following table summarizes the shares underlying the performance-based restricted stock awards excluded from the basic and diluted earnings per share calculations (in thousands):



	Three Months Ended March 31,
	2019	2018
Performance-based restricted stock awards	89	84

Diluted net income per share considers the impact of potentially dilutive securities except when the inclusion of the potentially dilutive securities would have an anti-dilutive effect. Stock options to purchase approximately 52,000 and 83,000 shares that were outstanding for the three months ended March 31, 2019 and 2018, respectively, were not included in the computation of diluted net income per share because the inclusion of the potentially dilutive securities would have an anti-dilutive effect.

Stock-based compensation expense for stock options and restricted stock

Stock-based compensation expense for stock options and restricted stock awards issued under equity incentive plans and stock purchases under the Employee Stock Purchase Plan included in the Company’s results of operations were as follows (in thousands):



	Three Months Ended March 31,
	2019		2018
Cost of revenues	$	2,058	$	1,431
Selling and marketing (excluding customer base amortization)	1,638		1,835
Software development	2,056		1,729
General and administrative	6,277		5,417
Total stock-based compensation expense	$	12,029	$	10,412