Earnings Per Share

3 Months Ended

Mar. 31, 2022

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended
		March 31, 2022		March 31, 2021
Numerator:		(in thousands, except share and per share data)
Net income		$	18,059	$	16,376
Denominator:
Basic weighted average shares		52,613,232		52,293,464
Effect of dilutive shares related to stock based compensation1		927,137		1,521,180
Effect of dilutive shares related to contingent consideration2		410,626		—
Diluted weighted average shares		53,950,995		53,814,644
Earnings per share:
Basic		$	0.34	$	0.31
Dilutive		$	0.33	$	0.30
Anti-dilutive shares:
Shares		437,636		100,625
1 Dilutive shares related to stock options, restricted stock, PSUs and Key Employee Awards (Note 13)
2 Dilutive shares related to contingent shares issued to the former owners of BasX (Note 3 & Note 16)