Earnings per Share

9 Months Ended

Sep. 30, 2022

The following table sets forth the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2022		2021		2022		2021
Basic net income per share:
Net income	$	13,280	$	35,624	$	104,793	$	96,489
Weighted-average common shares outstanding during the period	34,269,274		34,013,897		34,289,333		33,585,488
Basic net income per share	$	0.39	$	1.05	$	3.06	$	2.87


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2022		2021		2022		2021
Diluted net income per share:
Net income	$	13,280	$	35,624	$	104,793	$	96,489
Basic shares outstanding during the period	34,269,274		34,013,897		34,289,333		33,585,488
Plus: Common stock equivalents associated with stock-based compensation	1,542,199		3,606,219		2,409,062		2,525,214
Diluted shares outstanding	35,811,473		37,620,116		36,698,395		36,110,702
Diluted net income per share	$	0.37	$	0.95	$	2.86	$	2.67

The computation of diluted shares outstanding for the three months ended September 30, 2022 excluded 26,391 outstanding ESPP shares, 331,358 outstanding PSUs and 5,237,415 outstanding stock warrants, as their effect would have been anti-dilutive, while the computation of diluted shares outstanding for the nine months ended September 30, 2022 excluded 19,828 ESPP shares, 175,245 outstanding RSUs, 394,474 outstanding PSUs and 1,745,805 outstanding stock warrants, as their effect would have been anti-dilutive. During the three months ended September 30, 2021 there were no shares whose effect would have been anti-dilutive, while the computation of diluted shares outstanding for the nine months ended September 30, 2021 excluded 129,631 outstanding stock options, 20,201 ESPP shares, and 3,486,218 outstanding stock warrants, as their effect would have been anti-dilutive.