Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Basic net income per common share is computed by dividing the net income relevant to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share uses the same net income divided by the sum of the weighted average number of shares of common stock outstanding during the period, plus dilutive effects of options, performance and restricted stock units outstanding during the period calculated using the treasury method and the potential dilutive effects of preferred stocks (if any) calculated using the if-converted method.

The table below shows the calculations for the three months ended March 31, 2023 and 2022, (in thousands, except for per share data):


	Three Months Ended March 31,
	2023		2022
Numerator (both basic and diluted)
Net income relevant to common stockholders	$	28,733	$	11,817

Denominator
Denominator for basic income per share	114,881		103,683
Dilutive effect of stock options	—		186
Dilutive effect of performance share units	170		828
Dilutive effect of restricted stock units	280		687
Denominator for diluted income per share	115,331		105,384

Basic income per common share	$	0.25	$	0.11
Diluted income per common share	$	0.25	$	0.11

As shown in the table below, the following stock options, restricted stock units and performance stock units outstanding as of March 31, 2023, have not been included in the calculation of diluted income per common share for three months ended March 31, 2023 and 2022 because they will be anti-dilutive to the calculation of diluted net income per common share:


(In thousands)	Three Months Ended March 31,
	2023	2022
Stock options	426	500
Restricted stock units	1,084	277
Performance stock units	—	160
Total	1,510	937