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NET INCOME PER SHARE | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | NET INCOME PER SHARE Basic net income per share is computed by dividing net income during the period by the weighted average number of shares of common stock outstanding during that period, less unvested restricted stock awards. Diluted net income per share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock method of accounting. The calculations for basic and diluted net income per share for the three and nine months ended September 30, 2024 and September 30, 2023 are as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| (In thousands, except per share amounts)
Net income | $ | 238,111 |  |  | $ | 254,321 |  |  | $ | 715,274 |  |  | $ | 717,245 |
Weighted average common shares used to calculate basic net income per share | 272,244 |  |  | 269,229 |  |  | 270,925 |  |  | 269,480 |
Stock-based awards | 1,714 |  |  | 3,198 |  |  | 2,754 |  |  | 3,379 |
Weighted average common shares used to calculate diluted net income per share | 273,958 |  |  | 272,427 |  |  | 273,679 |  |  | 272,859 |
Net income per share - basic | $ | 0.87 |  |  | $ | 0.94 |  |  | $ | 2.64 |  |  | $ | 2.66 |
Net income per share - diluted | $ | 0.87 |  |  | $ | 0.93 |  |  | $ | 2.61 |  |  | $ | 2.63 |
The following table presents shares of Cadence’s common stock outstanding for the three and nine months ended September 30, 2024 and September 30, 2023 that were excluded from the computation of diluted net income per share because the effect of including these shares in the computation of diluted net income per share would have been anti-dilutive:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| (In thousands)
Long-term market-based awards | — |  |  | 1,866 |  |  | — |  |  | 1,841 |
Options to purchase shares of common stock | 234 |  |  | 262 |  |  | 174 |  |  | 373 |
Non-vested shares of restricted stock | 1,007 |  |  | 807 |  |  | 339 |  |  | 288 |
Total potential common shares excluded | 1,241 |  |  | 2,935 |  |  | 513 |  |  | 2,502 |

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