Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.21.2
Earnings per Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings per Share
12.
Earnings per Share
Basic and diluted
 earnings per share for the three and nine months ended September 30, 2021 and 2020, respectively consisted of the following (in thousands, except per share data):
 
 
  
Three Months Ended
September 30,
 
  
Nine Months Ended
September 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Numerator (Basic and Diluted):
  
     
  
     
  
     
  
     
Net income
   $  33,924      $ 6,040      $  80,468      $  19,216  
Change in value for stock settled consideration
     (2      —          8        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Adjusted net income
   $ 33,922      $ 6,040      $ 80,476      $ 19,216  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
Denominator:
                                   
Basic
                                   
Weighted average common shares issued and outstanding
     39,634        39,357        39,539        39,293  
Deduct: Unvested RSAs
(1)
     (13      (18      (14      (18
Add: Fully vested DSUs
(2)
     319        342        334        342  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average common shares outstanding
     39,940        39,681        39,859        39,617  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
Basic earnings per common share
   $ 0.85      $ 0.15      $ 2.02      $ 0.49  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
Diluted
                                   
Weighted average common shares outstanding from above
     39,940        39,681        39,859        39,617  
Add: Dilutive effect of RSUs, RSAs & ESPP
     188        46        176        59  
Add: Contingently issuable shares
(3)
     113        —          113        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average common shares outstanding
     40,241        39,727        40,148        39,676  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
Diluted earnings per common share
   $ 0.84      $ 0.15      $ 2.00      $ 0.48  
    
 
 
    
 
 
    
 
 
    
 
 
 
         
Antidilutive shares excluded from diluted earnings per common share
(4)
     112        696        363        719  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
RSAs were issued and outstanding to the
non-employee
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.