Net Income Per Common Share

6 Months Ended

Jun. 30, 2022

7. Net Income Per Common Share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Numerator:
Net income	$	12,415	$	5,120	$	19,579	$	6,930
Denominator:
Basic:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,573,994		28,152,210		29,641,113		28,146,414
Diluted:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,573,994		28,152,210		29,641,113		28,146,414
Effect of potentially dilutive shares (1)		4,691,438		3,992,029		4,702,789		3,975,049
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares		34,265,432		32,144,239		34,343,902		32,121,463
Net Income Per Common Share:
Basic:
Net income applicable to common stockholders	$	12,415	$	5,120	$	19,579	$	6,930
Weighted average shares of stock outstanding		29,573,994		28,152,210		29,641,113		28,146,414
Basic net income per common share	$	0.42	$	0.18	$	0.66	$	0.25
Diluted:
Net income applicable to common stockholders	$	13,055	$	5,510	$	20,859	$	7,710
Weighted average shares of stock outstanding		34,265,432		32,144,239		34,343,902		32,121,463
Diluted net income per common share (1)	$	0.38	$	0.17	$	0.61	$	0.24

In calculating diluted net income per share, 84 thousand shares and 81 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three and six months ended June 30, 2022, respectively; 45 thousand shares and 35 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three and six months ended June 30, 2021, respectively. Additionally, in calculating diluted net income per share, we excluded the impact of interest expense and amortization of note costs relating to our convertible shares from net income and included the weighted average shares 3.9 million common shares under the if-converted method for the three and six months ended June 30, 2022 and 2.9 million common shares for the three and six months ended June 30, 2021, respectively. For the three months and six months ended June 30, 2022, the interest expense including amortization of note issuance costs, related to convertible notes was $0.6 million and $1.3 million, respectively and $0.4 million and $0.8 million for the three and six months ended June 30, 2021, respectively.