Net Income Per Share

6 Months Ended

Jun. 30, 2021

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):


	Three months ended June 30				Six months ended June 30
	2021		2020		2021		2020
Weighted average shares outstanding (basic)	162,785		161,715		162,614		162,582
Impact of common stock equivalents	1,073		552		1,124		744
Weighted average shares outstanding (diluted)	163,858		162,267		163,738		163,326
Per share:
Basic	$	0.38	$	0.24	$	0.81	$	0.40
Diluted	0.38		0.24		0.81		0.40