| Earnings per Share Basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021, respectively consisted of the following (in thousands, except per share data):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Numerator (Basic and Diluted): |
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| Net income |
$ |
21,362 |
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$ |
33,924 |
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$ |
96,313 |
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$ |
80,468 |
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| Change in value for stock settled consideration |
(12) |
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(2) |
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(50) |
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8 |
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| Adjusted net income |
$ |
21,350 |
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$ |
33,922 |
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$ |
96,263 |
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$ |
80,476 |
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| Denominator: |
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| Basic |
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| Weighted average common shares issued and outstanding |
39,983 |
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39,634 |
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39,881 |
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39,539 |
Deduct: Unvested RSAs (1)
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(12) |
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(13) |
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(12) |
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(14) |
Add: Fully vested DSUs (2)
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115 |
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319 |
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169 |
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334 |
| Weighted average common shares outstanding |
40,086 |
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39,940 |
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40,038 |
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39,859 |
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| Basic earnings per common share |
$ |
0.53 |
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$ |
0.85 |
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$ |
2.40 |
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$ |
2.02 |
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| Diluted |
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| Weighted average common shares outstanding from above |
40,086 |
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39,940 |
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40,038 |
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39,859 |
| Add: Dilutive effect of RSUs, RSAs & ESPP |
131 |
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188 |
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235 |
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176 |
Add: Contingently issuable shares(3)
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85 |
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113 |
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85 |
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113 |
| Weighted average common shares outstanding |
40,302 |
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40,241 |
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40,358 |
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40,148 |
| Diluted earnings per common share |
$ |
0.53 |
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$ |
0.84 |
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$ |
2.39 |
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$ |
2.00 |
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Antidilutive shares excluded from diluted earnings per common share(4)
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1,046 |
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112 |
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1,041 |
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363 |
(1)RSAs were issued and outstanding to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “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 9 – “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.
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