Net Income Per Share:

9 Months Ended

Sep. 30, 2020

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 and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation. There were 14,017 and 20,116 anti-dilutive securities for the three months ended September 30, 2020 and 2019, respectively. There were 12,182 and 9,375 anti-dilutive securities for the nine months ended September 30, 2020 and 2019, 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,
	2020		2019		2020		2019
Net income	$	24,986	$	26,563	$	60,728	$	80,394
Weighted-average number of common shares outstanding (for basic calculation)	20,948		20,666		20,870		20,607
Dilutive securities	608		821		691		949
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,556		21,487		21,561		21,556
EPS — basic	$	1.19	$	1.29	$	2.91	$	3.90
EPS — diluted	$	1.16	$	1.24	$	2.82	$	3.73