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NET INCOME PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except share and per share data):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

36,962

 

 

$

22,818

 

 

$

111,876

 

 

$

39,591

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(260

)

 

 

(242

)

 

 

(922

)

 

 

(481

)

Adjusted net income

 

$

36,702

 

 

$

22,576

 

 

$

110,954

 

 

$

39,110

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

46,980,439

 

 

 

46,869,998

 

 

 

46,947,109

 

 

 

46,841,036

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock

   options and ESPP

 

 

249

 

 

 

754

 

 

 

1,142

 

 

 

1,682

 

Restricted stock awards and units and performance

   units

 

 

33,231

 

 

 

43,801

 

 

 

35,650

 

 

 

51,050

 

Weighted average common shares

   outstanding – Diluted

 

 

47,013,919

 

 

 

46,914,553

 

 

 

46,983,901

 

 

 

46,893,768

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.78

 

 

$

0.48

 

 

$

2.36

 

 

$

0.83

 

Diluted

 

$

0.78

 

 

$

0.48

 

 

$

2.36

 

 

$

0.83