Basic and Diluted Net Income Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share

7. 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 and six months ended June 30, 2021 and 2020 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	30,593	$	19,204	$	53,236		$	41,734
Earnings per share:
Basic	$	0.48	$	0.30	$	0.84		$	0.66
Effect of CESs		-		-		(0.01	)		(0.01	)
Diluted	$	0.48	$	0.30	$	0.83		$	0.65
Weighted average number of shares:
Basic		63,537		63,509		63,591			63,550
Effect of CESs		739		617		780			684
Diluted		64,276		64,126		64,371			64,234

The number of anti-dilutive CESs during the three and six months ended June 30, 2021 and 2020 was immaterial.