Earnings Per Share

6 Months Ended

Jun. 30, 2022

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 and restricted stock awards.

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Numerator:	(in thousands, except share and per share data)
Net income	$	15,946	$	20,615	$	34,005	$	36,991
Denominator:
Basic weighted average shares	53,095,286		52,432,822		52,992,439		52,389,989
Effect of dilutive shares related to stock based compensation1	566,590		1,171,110		747,998		1,346,145
Effect of dilutive shares related to contingent consideration2	—		—		204,179		—
Diluted weighted average shares	53,661,876		53,603,932		53,944,616		53,736,134
Earnings per share:
Basic	$	0.30	$	0.39	$	0.64	$	0.71
Dilutive	$	0.30	$	0.38	$	0.63	$	0.69
Anti-dilutive shares:
Shares	879,554		397,656		658,595		249,140
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 13)
2 Dilutive shares related to contingent shares issued to the former owners of BasX (Note 3 & Note 16)