Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options, restricted stock awards and performance restricted stock units.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Numerator:	(in thousands, except share and per share data)
Net income	$	15,581	$	20,460	$	52,572	$	60,117
Denominator:
Basic weighted average shares	52,420,711		52,260,551		52,392,300		52,174,705
Effect of dilutive stock options, restricted stock	1,125,802		890,744		1,272,697		780,344
and performance awards
Diluted weighted average shares	53,546,513		53,151,295		53,664,997		52,955,049
Earnings per share:
Basic	$	0.30	$	0.39	$	1.00	$	1.15
Diluted	$	0.29	$	0.38	$	0.98	$	1.14
Anti-dilutive shares:
Shares	375,428		118,832		291,236		473,295