Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.21.1
Earnings per Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share
 
12.
Earnings per Share
Basic and diluted earnings per share for the three months ended March 31, 2021 and 2020, respectively consisted of the following (in thousands, except per share data):
 
     Three Months Ended
March 31,		  
     2021      2020  
Numerator (Basic and Diluted):
                  
Net income
    $ 15,012      $ 13,070  
Decrease in value for stock settled consideration
      12        —    
    
 
 
     
 
 
  
Adjusted net income
    $ 15,024      $ 13,070  
    
 
 
     
 
 
  
Denominator:
                  
Basic
                  
Weighted average common shares issued and outstanding
      39,432        39,217  
Deduct: Unvested RSAs
(1)
      (17 )       (18 ) 
Add: Fully vested DSUs
(2)
      342        342  
    
 
 
     
 
 
  
Weighted average common shares outstanding
      39,757        39,541  
    
 
 
     
 
 
  
Basic earnings per common share
    $ 0.38      $ 0.33  
    
 
 
     
 
 
  
Diluted
                  
Weighted average common shares outstanding from above
      39,757        39,541  
Add: Dilutive effect of RSUs, RSAs & ESPP
      208        105  
Add: Contingently issuable shares
(3)
      159        —    
    
 
 
     
 
 
  
Weighted average common shares outstanding
      40,124        39,646  
    
 
 
     
 
 
  
Diluted earnings per common share
    $ 0.37      $ 0.33  
    
 
 
     
 
 
  
Antidilutive shares excluded from diluted earnings per common share
(4)
      230        521  
    
 
 
     
 
 
  
 
(1)
RSAs were issued and outstanding to the
non-employ
e
e
directors and have a
one-year
vesting term subject to service requirements. See Note 10 – “Stock-Based Compensation Plans” for additional information.
(2)
Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 10 – “Stock-Based Compensation Plans” for additional information.
(3)
Relates to contingently issuable stock settled consideration.
(4)
Primarily pertaining to RSU grants to the Company’s employees and independent contractors.