Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:


Net income	$	62,766	$	112,906	$	152,814	$	294,128
Denominator:
Denominator for basic earnings per share - weighted-average shares outstanding	124,230		123,522		123,580		124,128
Effect of dilutive employee stock awards	1,773		2,213		2,439		2,531

Denominator for diluted earnings per share - weighted-average shares outstanding	126,003		125,735		126,019		126,659




Basic earnings per share	$	0.51	$	0.91	$	1.24	$	2.37




Diluted earnings per share	$	0.50	$	0.90	$	1.21	$	2.32

For the three and six months ended June 30, 2021, anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were 3.3 million shares and 2.0 million shares, respectively. For the three and six months ended June 30, 2020, stock-based awards excluded from the calculations of diluted earnings per share were not material