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Net Income per Share
6 Months Ended
Jun. 30, 2023
Net Income per Share  
Net Income per Share

Note 5. Net Income per Share

Basic net income per share is calculated based upon the weighted-average number of shares outstanding during the period. Diluted net income per share gives effect to all potentially dilutive shares outstanding during the period, such as stock options, non-vested restricted stock units and shares issuable under the Company’s Employee Stock Purchase Plan, or ESPP.

For the three and six months ended June 30, 2023, options to purchase 45,464 shares of stock, with a weighted-average exercise price of $46.01 per share, were excluded in the computation of diluted net income per share because the effect would be anti-dilutive.

For the three and six months ended June 30, 2022, options to purchase 12,296 and 706,411 shares of stock, respectively, with a weighted-average exercise price of $37.41 per share and $34.79 per share, respectively, were excluded in the computation of diluted net income per share because the effect would be anti-dilutive.

The following table provides the calculation of basic and diluted net income per share for each of the periods presented:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2023

2022

2023

2022

(in thousands, except per share data)

Basic and dilutive numerator:

    

    

    

    

    

    

    

    

 

Net income

$

26,124

$

17,346

$

52,156

$

41,599

Denominator:

Weighted-average shares outstanding — basic

 

48,404

48,864

48,202

48,501

Net effect of dilutive securities:

Incremental shares from equity awards

 

4,698

4,363

4,334

4,102

Weighted-average shares outstanding — diluted

 

53,102

 

53,227

 

52,536

 

52,603

Net income per share — basic

$

0.54

$

0.35

$

1.08

$

0.86

Net income per share — diluted

$

0.49

$

0.33

$

0.99

$

0.79