SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of accumulated other comprehensive loss

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

	March 31, 2020			December 31, 2019
Foreign currency translation adjustment	$	(20,804	)	$	(7,855	)
Net unrealized loss on investments, net of tax	—			(730		)
Total accumulated other comprehensive loss	$	(20,804	)	$	(8,585	)

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:	2020		2019
Net income	$	72,793	$	85,169
Denominator:
Denominator for basic net income per share — weighted-average outstanding shares	36,471		36,237
Effect of dilutive securities:
Stock options, restricted stock awards and restricted stock units	305		330
Denominator for diluted net income per share — weighted-average outstanding shares	36,776		36,567
Net income per share — basic	$	2.00	$	2.35
Net income per share — diluted	$	1.98	$	2.33

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

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

	Three Months Ended March 31,
	2020	2019
Performance-based restricted stock awards	84	89
Anti-dilutive securities	96	141

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,
	2020		2019
Cost of revenues	$	2,472	$	2,058
Selling and marketing (excluding customer base amortization)	2,024		1,638
Software development	2,528		2,056
General and administrative	8,156		6,277
Total stock-based compensation expense	$	15,180	$	12,029