Net Income per Share

12 Months Ended

Dec. 31, 2022

NOTE 3 – NET INCOME PER SHARE

The following table presents basic and diluted net income per share for the years ended December 31, 2022, 2021 and 2020 (in thousands, except share and per share data):


	For the Years Ended December 31,
	2022		2021		2020
Basic net income per share calculation:
Numerator - net income	$	521,482	$	534,491	$	389,796
Denominator - weighted average of ordinary shares outstanding		229,108,881		225,551,410		203,967,246
Basic net income per share	$	2.28	$	2.37	$	1.91


	For the Years Ended December 31,
	2022		2021		2020
Diluted net income per share calculation:
Numerator - net income	$	521,482	$	534,491	$	389,796
Denominator - weighted average of ordinary shares outstanding		235,239,651		235,680,483		215,308,768
Diluted net income per share	$	2.22	$	2.27	$	1.81

Basic net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised, converted into ordinary shares, or resulted in the issuance of ordinary shares that would have shared in the Company’s earnings.

During the years ended December 31, 2022, 2021 and 2020, the difference between the basic and diluted weighted average ordinary shares outstanding primarily represents the effect of incremental shares from the Company’s share-based compensation programs.

The outstanding securities listed in the table below were excluded from the computation of diluted net income per ordinary share for the years ended December 31, 2022, 2021 and 2020 due to being anti-dilutive:


	For the Years Ended December 31,
	2022		2021		2020
Stock options		288,943		397,576		44,670
Restricted stock units		2,707,169		1,557,405		2,398,710
Performance stock units		356,618		791,747		790,949
Employee share purchase plan shares		604,563		295,050		18,618
2.50% Exchangeable Senior Notes due 2022		—		—		6,862,376
		3,957,293		3,041,778		10,115,323

Beginning in the fourth quarter of 2019, with the Company’s ordinary share price significantly above the $28.66 exchange price, the Company decided that it no longer had the intent to settle the Company’s 2.50% Exchangeable Senior Notes due 2022 (the “Exchangeable Senior Notes”) for cash and, as a result, began to prospectively apply the if-converted method to the Exchangeable Senior Notes when determining the diluted net income per share. By August 3, 2020, the Exchangeable Senior Notes were fully extinguished through exchanges for ordinary shares or cash redemption.