Earnings per Share

3 Months Ended

Mar. 31, 2021

The following table sets forth the calculation of basic earnings per share and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
		2021		2020
Basic net income per share:
Net income		$	36,506	$	28,102
Weighted-average common shares outstanding during the period		33,108,422		32,578,286
Basic net income per share		$	1.10	$	0.86


	Three Months Ended March 31,
		2021		2020
Diluted net income per share:
Net income		$	36,506	$	28,102


Basic shares outstanding during the period		33,108,422		32,578,286
Plus: Common stock equivalents associated with stock option awards		905,058		2,448,240
Diluted shares outstanding		34,013,480		35,026,526
Diluted net income per share		$	1.07	$	0.80

The computation of diluted shares outstanding excluded approximately 0.4 million of outstanding stock options and 0.1 million of ESPP shares for the three months ended March 31, 2021, 4.6 million of outstanding stock options for the three months ended March 31, 2020, and 10.5 million of outstanding stock warrants for the three months ended March 31, 2021 and 2020, as their effect would have been anti-dilutive.