Net Income per Share

3 Months Ended

Mar. 31, 2021

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share information):


	Three Months Ended March 31,
	2021		2020
Net income	$	13,593	$	8,974
Basic:
Weighted-average shares of common stock outstanding	31,864		31,637
Shares used in computing basic net income per share	31,864		31,637
Effect of dilutive securities:
Restricted stock subject to vesting	448		529
Shares issuable for acquisition consideration (1)	246		181
Shares issuable for conversion of convertible senior notes	433		529
Shares issuable for exercise of warrants	24		—
Shares used in computing diluted net income per share	33,015		32,876

Basic net income per share	$	0.43	$	0.28
Diluted net income per share	$	0.41	$	0.27

(1)For the three months ended March 31, 2021, this represents the shares held in escrow pursuant to: (i) the Asset Purchase Agreement with Zeon Solutions Incorporated and certain related entities (collectively, “Zeon”); (ii) the Asset Purchase Agreement with MedTouch LLC (“MedTouch”); (iii) the Asset Purchase Agreement with Catalyst Networks, Inc. (“Brainjocks”); and (iv) the Stock Purchase Agreement with the shareholders of Productora de Software S.A.S. (“PSL”), as part of the consideration. For the three months ended March 31, 2020, this represents the shares held in escrow pursuant to: (i) the Asset Purchase Agreement with RAS & Associates, LLC (“RAS”); (ii) the Asset Purchase Agreement with Zeon; (iii) the Asset Purchase Agreement with Stone Temple Consulting Corporation (“Stone Temple”); (iv) the Asset Purchase Agreement with Sundog Interactive, Inc. (“Sundog”); (v) the Asset Purchase Agreement with MedTouch; and (vi) the Asset Purchase Agreement with Brainjocks, as part of the consideration.

The number of anti-dilutive securities not included in the calculation of diluted net income per share were as follows (in thousands):


	Three Months Ended March 31,
	2021	2020
Restricted stock subject to vesting	—	69

Warrants related to the issuance of convertible senior notes	4,451	3,823
Total anti-dilutive securities	4,451	3,892

See Note 11, Long-term Debt for further information on the convertible senior notes and warrants related to the issuance of convertible notes.

Prior to 2021, the Company’s Board of Directors authorized the repurchase of up to $265.0 million of Company common stock through a stock repurchase program. Subsequent to March 31, 2021, the Board of Directors authorized a $50.0 million expansion of the Company's stock repurchase program for a total repurchase program of $315.0 million and extended the expiration date of the program from June 30, 2021 to December 31, 2022. The program could be suspended or discontinued at any time, based on market, economic, or business conditions. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, and other factors. Since the program’s inception on August 11, 2008, the Company has repurchased approximately $244.5 million (15.9 million shares) of outstanding common stock through March 31, 2021.