Net Income per Share

9 Months Ended

Sep. 30, 2022

Net Income per ShareBasic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the applicable methods. The potentially dilutive common shares during the three and nine months ended September 30, 2022 and 2021 were time-based restricted stock units and did not include unvested stock options and performance-based restricted stock units containing unmet performance conditions. The potentially dilutive common shares are included in the calculation of diluted net income per share only when their effect is dilutive.

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in thousands, except shares and per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	24,529	$	29,414	$	70,809	$	118,242
Denominator
Basic weighted average common shares	126,228,723		126,190,351		126,222,084		126,405,822
Basic net income per share attributable to common stockholders	$	0.19	$	0.23	$	0.56	$	0.94

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	24,529	$	29,414	$	70,809	$	118,242
Denominator
Basic weighted average common shares	126,228,723		126,190,351		126,222,084		126,405,822
Dilutive effect of outstanding time-based restricted stock units	—		57,148		331		45,297
Diluted weighted average common shares	126,228,723		126,247,499		126,222,415		126,451,119
Diluted net income per share attributable to common stockholders	$	0.19	$	0.23	$	0.56	$	0.94

The following potentially dilutive outstanding securities as of September 30, 2022 and 2021 were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the periods:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Unvested time-based restricted stock units	562,071	—	562,071	—
Unvested performance-based restricted stock units	234,077	99,289	234,077	99,289
Unvested and not exercised stock options	182,233	195,896	182,233	195,896
Total	978,381	295,185	978,381	295,185