Basic and Diluted Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share

6.Basic and Diluted Net Income Per Share

Basic net income per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for the period presented.

Diluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (CESs) outstanding for each period presented.

In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):

	Three Months Ended March 31,
	2024			2023
	(in thousands, except per share data)
Net income	$	53,801		$	38,791
Earnings per share:
Basic	$	0.87		$	0.62
Effect of CESs		(0.01	)		-
Diluted	$	0.86		$	0.62
Weighted average number of shares:
Basic		61,625			62,211
Effect of CESs		868			556
Diluted		62,493			62,767

The number of anti-dilutive CESs during the three months ended March 31, 2024 and 2023 was immaterial.