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Net Income Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net Income Per Share

NOTE 9 – NET INCOME PER SHARE

The following table sets forth the computation of net income per share (in thousands, except per share amounts):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

8,382

 

 

$

1,419

 

 

$

9,281

 

 

$

30,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

108,667

 

 

 

106,464

 

 

 

108,216

 

 

 

106,027

 

Add: Effect of dilutive securities associated with options

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

Add: Effect of dilutive securities associated with restricted stock awards and units

 

 

3,860

 

 

 

6,311

 

 

 

4,532

 

 

 

7,078

 

Add: Effect of dilutive securities associated with employee stock purchase program

 

 

9

 

 

 

—

 

 

 

7

 

 

 

—

 

Weighted average common shares - dilutive

 

 

112,536

 

 

 

112,775

 

 

 

112,757

 

 

 

113,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.08

 

 

$

0.01

 

 

$

0.09

 

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

 

$

0.07

 

 

$

0.01

 

 

$

0.08

 

 

$

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive employee stock-based awards, excluded

 

 

1,306

 

 

 

1,816

 

 

 

788

 

 

 

613

 

Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock units that are subject to repurchase. Diluted net income per share is computed using the treasury stock method to calculate the weighted average number of shares of common stock and, if dilutive, potential common shares outstanding during the period. Potentially dilutive common shares include unvested restricted stock units and incremental common shares issuable upon the exercise of stock options, less shares repurchased from assumed proceeds. The assumed proceeds calculation includes actual proceeds to be received from the employee upon exercise and the average unrecognized stock compensation cost during the period.