Earnings per Share

6 Months Ended

Jun. 30, 2021

The following table sets forth the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic net income per share:
Net income	$	24,359	$	11,464	$	60,865	$	39,566
Weighted-average common shares outstanding during the period	33,622,666		31,435,941		33,367,734		32,007,114
Basic net income per share	$	0.72	$	0.36	$	1.82	$	1.24


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Diluted net income per share:
Net income	$	24,359	$	11,464	$	60,865	$	39,566


Basic shares outstanding during the period	33,622,666		31,435,941		33,367,734		32,007,114
Plus: Common stock equivalents associated with stock option awards	3,064,364		2,367,524		1,984,711		2,407,882
Diluted shares outstanding	36,687,030		33,803,465		35,352,445		34,414,996
Diluted net income per share	$	0.66	$	0.34	$	1.72	$	1.15

The computation of diluted shares outstanding for the three months ended June 30, 2021 did not exclude any shares whose effect would have been anti-dilutive, while the computation of diluted shares outstanding for the six months ended June 30, 2021 excluded 0.4 million outstanding stock options, less than 0.1 million of ESPP shares, and 10.5 million of outstanding stock warrants, as their effect would have been anti-dilutive. The computation of diluted shares outstanding for the both the three and six months ended June 30, 2020 excluded 4.6 million outstanding stock options and 10.5 million of stock warrants, as their effect would have been anti-dilutive.