Net Income Per Share:

9 Months Ended

Sep. 30, 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 12,235 and 14,017 anti-dilutive securities for the three months ended September 30, 2021 and 2020, respectively. There were 12,132 and 12,182 anti-dilutive securities for the nine months ended September 30, 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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net income	$	31,081	$	24,986	$	83,210	$	60,728
Weighted-average number of common shares outstanding (for basic calculation)	21,214		20,948		21,189		20,870
Dilutive securities	516		608		546		691
Weighted-average common and common equivalent shares outstanding (for diluted calculation)	21,730		21,556		21,735		21,561
EPS — basic	$	1.47	$	1.19	$	3.93	$	2.91
EPS — diluted	$	1.43	$	1.16	$	3.83	$	2.82