Net Income Per Share:

9 Months Ended

Sep. 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 20,116 and 18 anti-dilutive securities for the three months ended September 30, 2019 and 2018, respectively. There were 9,375 and 3,694 anti-dilutive securities for the nine months ended September 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 September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Net income	$	26,563	$	219	$	80,394	$	36,148
Weighted-average number of common shares outstanding (for basic calculation)	20,666		20,474		20,607		20,362
Dilutive securities	821		1,159		949		1,226
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,487		21,633		21,556		21,588
EPS — basic	$	1.29	$	0.01	$	3.90	$	1.78
EPS — diluted	$	1.24	$	0.01	$	3.73	$	1.67