Net Income Per Share

6 Months Ended

Jun. 30, 2023

The following table presents the Company’s basic net income per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income per share, basic:
Net income	$	14,380	$	13,110	$	19,391	$	21,527



Weighted average shares of Class A and Class B common stock outstanding	100,212		116,791		102,225		117,774
Net income per share, basic	$	0.14	$	0.11	$	0.19	$	0.18

The following table presents the Company’s diluted net income per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income per share, diluted:
Numerator:
Net income	$	14,380	$	13,110	$	19,391	$	21,527





Denominator:
Weighted average shares of Class A and Class B common stock outstanding, basic	100,212		116,791		102,225		117,774
Effect of dilutive securities:
Options to purchase common stock	4,877		7,165		5,111		7,563

Unvested restricted stock units	330		135		351		210
Employee stock purchase plan	—		—		3		—

Weighted average shares of Class A and Class B common stock outstanding, diluted	105,419		124,091		107,690		125,547
Net income per share, diluted	$	0.14	$	0.11	$	0.18	$	0.17

The following table presents the weighted average number of potentially dilutive common stock equivalents excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Options to purchase common stock	5	66	3	64
Unvested restricted stock units	6,536	6,276	6,163	5,567



Employee stock purchase plan	185	170	141	197
Total shares excluded from diluted net income per share	6,726	6,512	6,307	5,828

In April 2021, the Company granted a restricted stock unit (“RSU”) award (the “CEO Performance Award”), which included service, market, and performance based vesting conditions. The CEO Performance Award is excluded from the above table because none of the market conditions have been met as of June 30, 2023.