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Basic and diluted earnings per share for the three months ended March 31, 2022 and 2021, respectively consisted of the following (in thousands, except per share data):
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Three Months Ended
March 31, |
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2022 |
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2021 |
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| Numerator (Basic and Diluted): |
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| Net income |
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$ |
32,783 |
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$ |
15,012 |
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| Change in value for stock settled consideration |
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(63 |
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12 |
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| Adjusted net income |
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$ |
32,720 |
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$ |
15,024 |
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| Denominator: |
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| Weighted average common shares issued and outstanding |
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39,721 |
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39,432 |
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(13 |
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(17 |
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281 |
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342 |
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| Weighted average common shares outstanding |
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39,989 |
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39,757 |
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| Basic earnings per common share |
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$ |
0.82 |
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$ |
0.38 |
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| Weighted average common shares outstanding from above |
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39,989 |
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39,757 |
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| Add: Dilutive effect of RSUs, RSAs & ESPP |
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396 |
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208 |
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Add: Contingently issuable shares
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89 |
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159 |
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| Weighted average common shares outstanding |
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40,474 |
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40,124 |
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| Diluted earnings per common share |
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$ |
0.81 |
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$ |
0.37 |
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Antidilutive shares excluded from diluted earnings per common share
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778 |
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230 |
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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. |
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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. |
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Relates to contingently issuable stock settled consideration. |
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Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
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