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NET INCOME PER SHARE | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | NET INCOME PER SHARE Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per shares is calculated by dividing net income by the weighted average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock options, restricted stock units, and shares issuable under the ESPP, and the if-converted method for the 2024 Notes. As noted in Note 11, “Convertible Notes and Other Debts,” the principal amount of the 2024 Notes will be settled in cash. Therefore, for the purpose of calculating diluted net income per share, it will be assumed that the conversion spread value will be settled in shares. The following table sets forth the computation of the basic and diluted net income per share:
| Year Ended December 31,
(in thousands, except per share amounts) | 2023 |  | 2022 |  | 2021
Numerator: |  |  |  |  |
Net income | $ | 83,994 |  |  | $ | 28,182 |  |  | $ | 13,254 |
Denominator: |  |  |  |  |
Weighted average number of shares outstanding: |  |  |  |  |
Basic | 111,651 |  |  | 105,080 |  |  | 101,484 |
2022 Notes | — |  |  | 2,681 |  |  | 2,175 |
2024 Notes | 4,320 |  |  | 2,441 |  |  | 653 |
Stock options | — |  |  | 213 |  |  | 292 |
Restricted stock units | 1,355 |  |  | 1,884 |  |  | 1,525 |
Stock purchase rights under ESPP | 33 |  | 79 |  |  | 42 |
Diluted | 117,359 |  |  | 112,378 |  |  | 106,171 |
Net income per share: |  |  |  |  |
Basic | $ | 0.75 |  |  | $ | 0.27 |  |  | $ | 0.13 |
Diluted | $ | 0.72 |  |  | $ | 0.25 |  |  | $ | 0.12 |
The following table set forth the potential dilutive shares that were excluded from the computation of diluted net income per share, because their effects were anti-dilutive:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Stock options | — |  |  | — |  |  | 8 |
Restricted stock units | 276 |  |  | 38 |  |  | 27 |
Stock purchase rights under the ESPP | — |  |  | — |  |  | 390 |
Total | 276 |  |  | 38 |  |  | 425 |

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