Net Income per Common Share

3 Months Ended

Mar. 31, 2024

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 421,937 and 382,906 for the three months ended March 31, 2024 and 2023, respectively.

The table below sets forth the computation of basic and diluted net (loss) income per share:



	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2024		2023
Net income	$	5,268	$	2,659

Basic - weighted-average shares outstanding:	25,624,949		26,580,279
Effect of dilutive securities:
Employee stock options and other	160,038		25,508
Diluted - weighted-average shares outstanding:	25,784,987		26,605,787
Net income per share:
Basic	$	0.21	$	0.10
Diluted	$	0.20	$	0.10