Net Income Per Share:

3 Months Ended

Mar. 31, 2020

Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation. There were 15,333 and 9,998 anti-dilutive securities for the three months ended March 31, 2020 and 2019, respectively.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):



	Three months ended March 31,
	2020		2019
Net income	$	16,834	$	30,998
Weighted-average number of common shares outstanding (for basic calculation)	20,780		20,527
Dilutive securities	727		1,024
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,507		21,551
EPS — basic	$	0.81	$	1.51
EPS — diluted	$	0.78	$	1.44