Earnings per Share

12 Months Ended

Dec. 31, 2020

Basic earnings per share (EPS) is calculated by dividing the net income by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing the net income by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs, but only to the extent that their inclusion is dilutive.

The following table presents the calculation of basic and diluted net income per share of common stock for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
(in thousands, except for share and per share amounts)	2020		2019		2018
Numerator:
Net income	$	23,337	$	115,553	$	25,208
Denominator:
Weighted average shares outstanding, basic	54,427,683		53,137,562		50,859,947
Effect of dilutive securities	763,119		1,709,498		2,185,310
Weighted average shares outstanding, diluted	55,190,802		54,847,060		53,045,257
Net income per share, basic and diluted:
Basic	$	0.43	$	2.17	$	0.50
Diluted	$	0.42	$	2.11	$	0.48
Antidilutive securities excluded from calculations of diluted net income per share	3,407,409		1,932,024		903,265