EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHAREBasic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, any nonvested shares of restricted stock that have been issued by the Company and are contingently returnable to the Company are excluded from the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, unvested restricted stock, unvested equity-settled RSUs and the stock to be issued under the Company’s ESPP. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share of common stock as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	120,033	$	18,604	$	222,325	$	108,323
Numerator for basic and diluted earnings per share	$	120,033	$	18,604	$	222,325	$	108,323

Denominator:
Weighted average common shares for basic earnings per share	57,993		57,240		57,848		57,078
Net effect of dilutive stock options, restricted stock units, restricted stock awards and stock issuable under the ESPP	1,188		1,780		1,392		1,903
Weighted average common shares for diluted earnings per share	59,181		59,020		59,240		58,981

Net income per share:
Basic	$	2.07	$	0.33	$	3.84	$	1.90
Diluted	$	2.03	$	0.32	$	3.75	$	1.84

The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 519 thousand and 389 thousand during the three and six months ended June 30, 2023, respectively.

The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 461 thousand and 299 thousand during the three and six months ended June 30, 2022, respectively.