Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share Basic earnings per share is calculated by dividing net income for the period by the weighted average number of shares of Class A common stock outstanding for the period excluding non-vested share-based awards. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including restricted stock units (“RSUs”), stock options and Employee Stock Purchase Plan (“ESPP”) awards.

Below are basic and diluted net income per share:


	Three Months Ended
	March 31, 2023		March 31, 2022
Numerator:
Net income (in thousands)	$	38,289	$	34,558


Denominator:
Weighted-average Class A shares outstanding - basic	133,551,603		138,602,451

Dilutive effect of RSUs	499,273		484,295
Dilutive effect of stock options and ESPP awards	502,246		478,390
Weighted-average shares outstanding - diluted	134,553,122		139,565,136

Net income per Class A share - basic	$	0.29	$	0.25

Net income per Class A share - diluted	$	0.28	$	0.25