Earnings Per Share

3 Months Ended

Mar. 31, 2021

Basic earnings per share is calculated by dividing income available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed using the weighted-average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon the exercise or settlement of stock awards and shares issuable under the employee stock purchase plan (calculated using the treasury stock method) during the period they were outstanding.

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share information):


	Three Months Ended
	March 31,
	2021		2020
Numerator:


Net income	$	90,048	$	181,222
Denominator:
Denominator for basic earnings per share - weighted-average shares outstanding	122,923		124,737
Effect of dilutive employee stock awards	3,103		2,840

Denominator for diluted earnings per share - weighted-average shares outstanding	126,026		127,577




Basic earnings per share	$	0.73	$	1.45




Diluted earnings per share	$	0.71	$	1.42