Basic and diluted earnings per share for the three months ended
March 31, 2019 and 2018, respectively consisted of the
following (in thousands, except per share data):
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Three Months Ended
March 31, |
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2019 |
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2018 |
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Numerator (Basic and Diluted):
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Net income
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$ |
15,638 |
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$ |
18,011 |
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Denominator:
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Basic
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|
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Weighted average common shares issued and outstanding
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|
|
38,996 |
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|
|
38,547 |
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Deduct: Unvested RSAs (1)
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|
(27 |
) |
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(31 |
) |
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Add: Fully vested DSUs (2)
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|
|
342 |
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|
579 |
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Weighted Average Common Shares Outstanding
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|
|
39,311 |
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|
|
39,095 |
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|
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|
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Basic earnings per common share
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|
$ |
0.40 |
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|
$ |
0.46 |
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Diluted
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|
|
|
|
|
|
|
|
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Weighted Average Common Shares Outstanding from above
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|
|
39,311 |
|
|
|
39,095 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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|
|
204 |
|
|
|
155 |
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|
|
|
|
|
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|
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Weighted Average Common Shares Outstanding
|
|
|
39,515 |
|
|
|
39,250 |
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|
|
|
|
|
|
|
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Diluted earnings per common share
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|
$ |
0.40 |
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|
$ |
0.46 |
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|
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Antidilutive shares excluded from diluted earnings per common
share (3)
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|
|
212 |
|
|
|
291 |
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| (1) |
RSAs were issued and outstanding to
the non-employee directors
and have a one-year or
three-year vesting term subject to service requirements. See Note
12 – “Stock-Based Compensation Plans” for
additional information.
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| (2) |
Shares are included in weighted average common shares
outstanding as the shares are fully vested but have not yet been
delivered. See Note 12 – “Stock-Based Compensation
Plans” for additional information.
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| (3) |
Primarily pertaining to RSU grants to the
Company’s employees and independent contractors.
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|