Weighted Average Common Shares

9 Months Ended

Sep. 30, 2022

13. WEIGHTED AVERAGE COMMON SHARES

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.

The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2022 and 2021 were as follows (shares in thousands):


	For the Quarter Ended September 30,				For the Year to Date Ended September 30,
	2022		2021		2022		2021
Basic common shares outstanding		67,506		70,089		68,193		70,179
Common stock equivalents		1,044		1,377		938		1,470
Diluted common shares outstanding		68,550		71,466		69,131		71,649

For the quarters and years to date ended September 30, 2022 and 2021, certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. The anti-dilutive options that were excluded from our computations of diluted earnings per share were 0.3 million shares for each of the quarters ended September 30, 2022 and 2021, and 0.3 million and 0.4 million shares for the years to date ended September 30, 2022 and 2021, respectively.