Earnings per Share

9 Months Ended

Sep. 30, 2020

Earnings per ShareBasic earnings per share (EPS) is calculated by dividing the net income by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing the net income by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs, but only to the extent that their inclusion is dilutive.

The following table presents the calculation of basic and diluted net income per share of common stock for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
(in thousands, except for share and per share amounts)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator:
Net income	$	5,947	$	100,423	$	15,147	$	111,337
Denominator:
Weighted average shares outstanding, basic	54,666,128		53,297,298		54,325,832		53,052,521
Effect of dilutive securities	542,904		1,244,327		728,940		1,751,330
Weighted average shares outstanding, diluted	55,209,032		54,541,625		55,054,772		54,803,851
Net income per share, basic and diluted:
Basic	$	0.11	$	1.88	$	0.28	$	2.10
Diluted	$	0.11	$	1.84	$	0.28	$	2.03
Antidilutive securities excluded from calculations of diluted net income per share	3,898,896		2,646,933		3,602,648		1,826,279