Net Income Per Share:

3 Months Ended

Mar. 31, 2021

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 12,080 and 15,333 anti-dilutive securities for the three months ended March 31, 2021 and 2020, 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 March 31,
	2021		2020
Net income	$	23,731	$	16,834
Weighted-average number of common shares outstanding (for basic calculation)	21,149		20,780
Dilutive securities	546		727
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,695		21,507
EPS — basic	$	1.12	$	0.81
EPS — diluted	$	1.09	$	0.78