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Net Income per Share
 9 Months Ended
Sep. 30, 2023
Net Income per Share  
Net Income per Share

Note 5. Net Income per Share

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Basic net income per share is calculated based upon the weighted-average number of shares outstanding during the period. Diluted net income per share gives effect to all potentially dilutive shares outstanding during the period, such as stock options, non-vested restricted stock units, shares issuable under the Company’s Employee Stock Purchase Plan, or ESPP, and potential common shares issued upon the conversion of Convertible Notes of the Company, due March 2029, or the 2029 Convertible Notes.

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For the nine months ended September 30, 2023, options to purchase 45,934 shares of stock, with a weighted-average exercise price of $46.01 per share were excluded in the computation of diluted net income per share because the effect would be anti-dilutive. The 2029 Convertible Notes had no impact on the computation of diluted net income per share as the average stock price during the period was less than the conversion price.

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For the three and nine months ended September 30, 2022, options to purchase 704,483 shares of stock, with a weighted-average exercise price of $34.79 per share, were excluded in the computation of diluted net income per share because the effect would be anti-dilutive.

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The following table provides the calculation of basic and diluted net income per share for each of the periods presented:

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​

​

​

​

​

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Three Months Ended

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Nine Months Ended

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​

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September 30, 

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September 30, 

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​

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2023

​

2022

​

2023

​

2022

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​

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(in thousands, except per share data)

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Basic and dilutive numerator:

    

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​

    

    

​

    

    

​

    

 

Net income

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$

49,222

​

$

15,874

​

$

101,378

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$

57,473

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Denominator:

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​

​

​

​

​

​

​

​

​

​

​

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Weighted-average shares outstanding — basic

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48,701

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​

48,904

​

​

48,368

​

​

48,635

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net effect of dilutive securities:

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​

​

​

​

​

​

​

​

​

​

​

​

Incremental shares from equity awards

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5,220

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​

3,884

​

​

4,629

​

​

4,030

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Weighted-average shares outstanding — diluted

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53,921

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52,788

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52,997

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52,665

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Net income per share — basic

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$

1.01

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$

0.32

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$

2.10

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$

1.18

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Net income per share — diluted

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$

0.91

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$

0.30

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$

1.91

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$

1.09

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