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Net Income Per Share | 9 Months Ended
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Sep. 30, 2023
Net Income Per Share |
Net Income Per Share | 9. NET INCOME PER SHAR E ​ Basic net income per share is calculated by dividing net income by the number of weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is calculated by adjusting the number of weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. ​ Basic and diluted net income per share were computed as follows: ​
Diluted net income per share is calculated by adjusting the number of weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Basic and diluted net income per share were computed as follows: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022
Net income (in thousands) | ​ | $ | 167,602 | ​ | $ | 153,746 | ​ | $ | 467,870 | ​ | $ | 412,156
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding - basic | ​ | ​ | 31,615,110 | ​ | ​ | 32,076,285 | ​ | ​ | 31,588,740 | ​ | ​ | 32,404,275
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive effect of common stock equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSAs with service-based conditions | ​ | ​ | 36,425 | ​ | ​ | 17,175 | ​ | ​ | 28,040 | ​ | ​ | 14,808
RSAs with market-based conditions | ​ | ​ | 31,918 | ​ | ​ | 44,001 | ​ | ​ | 25,606 | ​ | ​ | 65,677
RSAs with performance-based conditions | ​ | ​ | 17,663 | ​ | ​ | 40,995 | ​ | ​ | 16,223 | ​ | ​ | 48,232
Stock options | ​ | ​ | 87,696 | ​ | ​ | 101,364 | ​ | ​ | 86,247 | ​ | ​ | 110,169
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding - diluted | ​ | ​ | 31,788,812 | ​ | ​ | 32,279,820 | ​ | ​ | 31,744,856 | ​ | ​ | 32,643,161
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic net income per common share | ​ | $ | 5.30 | ​ | $ | 4.79 | ​ | $ | 14.81 | ​ | $ | 12.72
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income per common share | ​ | $ | 5.27 | ​ | $ | 4.76 | ​ | $ | 14.74 | ​ | $ | 12.63
​ The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Anti-dilutive common stock equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSAs with service-based conditions | ​ | ​ | - | ​ | ​ | 15,222 | ​ | ​ | 3,721 | ​ | ​ | 14,782
RSAs with market-based conditions | ​ | ​ | - | ​ | ​ | 134 | ​ | ​ | 2,978 | ​ | ​ | 200
RSAs with performance-based conditions | ​ | ​ | - | ​ | ​ | 14,611 | ​ | ​ | - | ​ | ​ | 7,506
Stock options | ​ | ​ | - | ​ | ​ | 22,280 | ​ | ​ | 12,360 | ​ | ​ | 20,581
Total anti-dilutive common stock equivalents | ​ | ​ | - | ​ | ​ | 52,247 | ​ | ​ | 19,059 | ​ | ​ | 43,069
​ During the three months ended September 30, 2023, no shares resulted in an anti-dilutive effect on diluted net income per share.

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