The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the three months ended March 31, 2023 and 2022 (in thousands, except share and per share data):
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Three Months Ended March 31, |
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2023 |
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2022 |
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Numerator: |
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Net income |
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$ |
39,839 |
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$ |
49,970 |
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Adjustment for Basic EPS: |
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Earnings allocated to unvested shareholders |
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(213 |
) |
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(325 |
) |
Adjusted net income |
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$ |
39,626 |
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$ |
49,645 |
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Denominator: |
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Weighted average common shares outstanding – Basic |
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47,523,593 |
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47,369,764 |
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Effect of dilutive shares: |
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Common stock equivalents arising from stock options and ESPP |
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940 |
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191 |
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Restricted stock awards and units and performance units |
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42,474 |
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70,326 |
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Weighted average common shares outstanding – Diluted |
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47,567,007 |
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47,440,281 |
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Net income per common share: |
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Basic |
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$ |
0.83 |
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$ |
1.05 |
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Diluted |
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$ |
0.83 |
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$ |
1.05 |
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