| Schedule of basic and diluted income per share |
Basic and diluted net income per share were computed as follows:
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|
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|
Years Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
Net income (in thousands) - basic and diluted |
|
$ |
247,023 |
|
$ |
190,995 |
|
$ |
134,752 |
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|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
|
32,917,971 |
|
|
33,806,104 |
|
|
34,921,318 |
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|
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|
|
|
|
Dilutive effect of common stock equivalents: |
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|
|
|
|
|
|
|
RSAs with service-based conditions |
|
|
51,324 |
|
|
87,159 |
|
|
151,324 |
RSAs with market-based conditions |
|
|
150,530 |
|
|
189,044 |
|
|
238,313 |
RSAs with performance-based conditions |
|
|
41,807 |
|
|
69,199 |
|
|
20,432 |
Stock options |
|
|
138,354 |
|
|
225,049 |
|
|
281,932 |
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|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - diluted |
|
|
33,299,986 |
|
|
34,376,555 |
|
|
35,613,319 |
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|
|
|
|
|
|
|
|
|
Basic net income per common share |
|
$ |
7.50 |
|
$ |
5.65 |
|
$ |
3.86 |
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|
|
|
|
|
|
|
|
Diluted net income per common share |
|
$ |
7.42 |
|
$ |
5.56 |
|
$ |
3.78 |
|
| Summary of shares excluded from the calculation of diluted income per share because their effect would have been anti-dilutive |
The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive:
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|
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|
|
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
Anti-dilutive common stock equivalents: |
|
|
|
|
|
|
|
|
|
RSAs with service-based conditions |
|
|
3,138 |
|
|
3,948 |
|
|
5,192 |
RSAs with market-based conditions |
|
|
2,085 |
|
|
4,925 |
|
|
7,498 |
RSAs with performance-based conditions |
|
|
— |
|
|
— |
|
|
— |
Stock options |
|
|
29,998 |
|
|
54,435 |
|
|
72,515 |
Total anti-dilutive common stock equivalents |
|
|
35,221 |
|
|
63,308 |
|
|
85,205 |
|