Net Income Per Share of Common Stock

6 Months Ended

Jun. 30, 2022

Net Income Per Share of Common Stock [Abstract]

Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 2,963 shares for the period ended June 30, 2022, compared to 3,630 shares for the period ended June 30, 2021. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Weighted average common shares outstanding:
Basic	76,556	78,899	76,902	78,968
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	2,158	3,162	2,288	3,013
Diluted	78,714	82,061	79,190	81,981

For the three and six months ended June 30, 2022, options to purchase approximately 21 and 9 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2021, options to purchase approximately 13 and 2 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as the result would have been anti-

dilutive. For the three and six months ended June 30, 2022, 30 and 22 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 0 and 8 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2021, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of June 30, 2022 and 2021 and, therefore, were excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2022 and 2021. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 12 and 17 as of June 30, 2022 and 2021, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.