| EARNINGS PER SHARE |
NOTE K — EARNINGS PER SHARE
The computation of basic and diluted earnings per share (“EPS”) is based on the weighted average number of common shares outstanding during each period.
The following table provides a reconciliation of the computation for basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021, respectively (in thousands, except share and per share data):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
Net income |
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$ |
26,455 |
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$ |
16,548 |
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$ |
43,681 |
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$ |
26,566 |
Change in fair value of warrant liability |
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(1,382) |
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407 |
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(148) |
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631 |
Net income for EPS - diluted |
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$ |
25,073 |
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$ |
16,955 |
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$ |
43,533 |
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$ |
27,197 |
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Weighted-average number of shares outstanding - basic |
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51,691,076 |
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42,949,261 |
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51,688,837 |
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42,584,793 |
Additional shares from assumed stock-settled restricted stock units |
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2,035,155 |
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237,243 |
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2,049,295 |
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186,420 |
Additional shares from assumed exercise of warrants |
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156,011 |
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1,063,357 |
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173,148 |
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1,469,201 |
Additional shares purchasable for employee stock purchase plan |
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- |
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- |
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- |
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- |
Weighted-average number of shares outstanding - diluted |
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53,882,242 |
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44,249,861 |
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53,911,280 |
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44,240,414 |
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Earnings per share – basic: |
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$ |
0.51 |
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$ |
0.39 |
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$ |
0.85 |
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$ |
0.62 |
Earnings per share – diluted: |
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$ |
0.47 |
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$ |
0.38 |
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$ |
0.81 |
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$ |
0.61 |
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