Net Income Per Share:

6 Months Ended

Jun. 30, 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 57,091 and 6,462 anti-dilutive securities for the three months ended June 30, 2020 and 2019, respectively. There were 15,045 and 5,908 anti-dilutive securities for the six months ended June 30, 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 June 30,						Six months ended June 30,
	2020		2019		2020		2019
Net income	$	18,908	$	22,833	$	35,742	$	53,831
Weighted-average number of common shares outstanding (for basic calculation)	20,880		20,622		20,831		20,577
Dilutive securities	626		898		714		969
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,506		21,520		21,545		21,546
EPS — basic	$	0.91	$	1.11	$	1.72	$	2.62
EPS — diluted	$	0.88	$	1.06	$	1.66	$	2.50