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Net Income Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Net Income Per Share

Note 13. Net Income Per Share

Basic weighted-average shares outstanding excludes nonvested restricted stock. Diluted weighted average shares outstanding is similar to basic weighted-average shares outstanding, except that the weighted-average number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common share had been issued, including the dilutive impact of nonvested restricted stock. Basic and diluted net income per share was calculated as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 



 

2023

 

 

2022

 

 

2023

 

 

2022

 

Basic net income per share

 

$

0.07

 

 

$

0.09

 

 

$

0.08

 

 

$

0.18

 

Diluted net income per share

 

$

0.07

 

 

$

0.09

 

 

$

0.08

 

 

$

0.18

 

Numerator:

 



 





 

 



 





 

Net income (in thousands)

 

$

9,782

 

 

$

14,236

 

 

$

11,707

 

 

$

27,249

 

Denominator:

 



 





 

 



 





 

Weighted average number of shares outstanding - basic

 

 

144,112,028

 



 

150,748,211

 

 

 

144,982,459

 



 

150,644,034

 

Add stock options to purchase shares and restricted stock units

 

 

1,226,892

 

 

 

1,612,139

 

 

 

1,912,331

 

 

 

1,717,754

 

Weighted average number of shares outstanding - diluted

 

 

145,338,920

 

 

 

152,360,350

 

 

 

146,894,790

 

 

 

152,361,788

 

For the three months ended June 30, 2023 and 2022, 4,961,441 and 2,533,594 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive. For the six months ended June 30, 2023 and 2022, 4,681,847 and 2,292,520 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive.