NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2022

Basic and diluted net income per share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2022		2021		2022		2021
Basic net income per share:
Net income	$	49,915	$	43,229	$	127,604	$	123,691
Weighted average common shares outstanding	83,042		84,754		82,955		84,647

Basic net income per common share	$	0.60	$	0.51	$	1.54	$	1.46

Diluted net income per share:
Net income	$	49,915	$	43,229	$	127,604	$	123,691

Weighted average common shares outstanding — Basic	83,042		84,754		82,955		84,647
Effect of dilutive securities:
Stock options and restricted stock	357		693		521		744
Weighted average common shares for diluted earnings per share	83,399		85,447		83,476		85,391

Diluted net income per common share	$	0.60	$	0.51	$	1.53	$	1.45

Common stock of approximately 0.3 million and 0.1 million shares at September 30, 2022, and 2021, respectively that are issuable through exercise of dilutive securities were not included in the computation of diluted net income per share because their effect would have been anti-dilutive.

Based on the adoption of ASU 2020-06, as the principal amount of the 2025 Notes will be paid in cash and only the conversion spread is settled in shares, the Company will be utilizing the if-converted method and only includes the net number of incremental shares that would be issued upon conversion.