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NET INCOME PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the years ended December 31, 2021, 2020 and 2019 (in thousands, except share and per share data):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

184,213

 

 

$

133,372

 

 

$

138,304

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(1,137

)

 

 

(1,001

)

 

 

(1,106

)

Adjusted net income

 

$

183,076

 

 

$

132,371

 

 

$

137,198

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

47,296,447

 

 

 

47,198,982

 

 

 

46,959,775

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock options and ESPP

 

 

1,010

 

 

 

1,566

 

 

 

1,334

 

Restricted stock awards and units and performance units

 

 

67,978

 

 

 

36,446

 

 

 

34,353

 

Weighted average common shares outstanding – Diluted

 

 

47,365,435

 

 

 

47,236,994

 

 

 

46,995,462

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.87

 

 

$

2.80

 

 

$

2.92

 

Diluted

 

$

3.87

 

 

$

2.80

 

 

$

2.92