NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2022

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income per share is determined using net income applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts).


	Three Months Ended March 31,
	2022		2021
Basic net income per share:
Net income applicable to common stockholders	$	12,074	$	3,217
Weighted average common shares outstanding	49,004		52,126
Basic net income per share	$	0.25	$	0.06

Diluted net income per share:
Net income applicable to common stockholders	$	12,074	$	3,217

Weighted average common shares outstanding	49,004		52,126
Dilutive stock options and restricted stock	726		918
Diluted weighted average common shares outstanding	49,730		53,044
Diluted net income per share	$	0.24	$	0.06