Net Income Per Share of Common Stock

9 Months Ended

Sep. 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 2,964 shares for the period ended September 30, 2022, compared to 3,608 shares for the period ended September 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average common shares outstanding:
Basic	75,598	78,129	76,463	78,686
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,798	3,178	2,116	3,068
Diluted	77,396	81,307	78,579	81,754

For the three and nine months ended September 30, 2022, options to purchase approximately 0 and 25 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 nine months ended September 30, 2021, options to purchase approximately 17 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 nine months ended September 30, 2022, 125 and 39 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 2 and 7 shares that were excluded from the calculation of diluted net income per share for the three and nine months ended September 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 September 30, 2022 and 2021 and, therefore, were excluded from the calculation of diluted net income per common share for the three and nine months ended September 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 September 30, 2022 and 2021, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.