Net Income Per Share:

6 Months Ended

Jun. 30, 2019

Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options that are anti-dilutive, where their exercise price exceeds the average market price of the common stock are not included in the treasury stock method calculation. There were 6,462 and no anti-dilutive securities for the three months ended June 30, 2019 and 2018, respectively. There were 5,908 and 1,548 anti-dilutive securities for the six months ended June 30, 2019 and 2018, respectively.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):



	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Net income	$	22,833	$	31,054	$	53,831	$	35,929
Weighted-average number of common shares outstanding (for basic calculation)	20,622		20,352		20,577		20,304
Dilutive securities	898		1,217		969		1,232
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,520		21,569		21,546		21,536
EPS — basic	$	1.11	$	1.53	$	2.62	$	1.77
EPS — diluted	$	1.06	$	1.44	$	2.50	$	1.67