Net Income Per Share

9 Months Ended

Sep. 30, 2023

The computation of net income per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	17,225	$	12,444	$	42,348	$	49,775
Shares used in computation:
Weighted-average common shares outstanding, basic	217,737,089		215,347,882		216,771,051		214,361,026
Earnings per share, basic	$	0.08	$	0.06	$	0.20	$	0.23

Diluted earnings per share:
Net income	$	17,225	$	12,444	$	42,348	$	49,775
Shares used in computation:
Weighted-average common shares outstanding, basic	217,737,089		215,347,882		216,771,051		214,361,026
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	1,524,534		4,877,317		2,029,734		6,196,682
Employee stock options	42,039		—		24,903		34,560
Restricted stock units	1,121,029		128,608		1,094,655		511,323
Diluted weighted-average common shares outstanding	220,424,691		220,353,807		219,920,343		221,103,591
Diluted net income per share	$	0.08	$	0.06	$	0.19	$	0.23

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Employee stock options	3,001,077	3,574,058	3,001,077	3,206,058
Restricted stock units	4,605,725	6,073,656	4,630,993	5,870,678
Unvested common stock subject to forfeiture	315,858	1,054,555	367,133	641,845

As of September 30, 2023, 6,766,001 PRSUs were not assessed for inclusion in diluted earnings per share, and any potential antidilutive shares were excluded from the table above because they are subject to performance conditions that were not achieved as of such date.