Net Income Per Share

9 Months Ended

Sep. 30, 2023

Note 14. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic net income per share	$	0.08	$	0.11	$	0.16	$	0.29
Diluted net income per share	$	0.07	$	0.11	$	0.15	$	0.29
Numerator:
Net income (in thousands)	$	10,773	$	17,209	$	22,480	$	44,458
Denominator:
Weighted average number of shares outstanding - basic		143,231,707		150,930,340		144,392,463		150,740,418
Add stock options to purchase shares and restricted stock units		1,501,650		1,426,967		2,000,533		1,634,694
Weighted average number of shares outstanding - diluted		144,733,357		152,357,307		146,392,996		152,375,112

For the three months ended September 30, 2023 and 2022, 4,739,037 and 2,918,315 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive. For the nine months ended September 30, 2023 and 2022, 4,754,689 and 2,614,866 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive.