Net Income Per Share of Common Stock

3 Months Ended

Mar. 31, 2023

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 2,161 shares for the period ended March 31, 2023, compared to 2,970 shares for the period ended March 31, 2022. 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 March 31,
	2023	2022
Weighted average common shares outstanding:
Basic	74,498	77,251
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,357	2,412
Diluted	75,855	79,663

For the three months ended March 31, 2023, options to purchase approximately 6 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three months ended March 31, 2022, options to purchase approximately 5 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three months ended March 31, 2023, 58 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 18 shares that were excluded from the calculation of diluted net income per share for the three months ended March 31, 2022, 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 March 31, 2023 and 2022 and, therefore, were excluded from the calculation of diluted net income per common share for the three months ended March 31, 2023 and 2022. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 0 and 12 as of March 31, 2023 and 2022, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.