Net Income per Share

12 Months Ended

Dec. 31, 2021

Net Income per Share The Company applies the two-class method to calculate its basic and diluted net income per share as both classes of its voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis.

The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:


	Years ended
		December 31, 2021		December 31, 2020







Numerator:
Net income		$	2,914,659	$	319,509
After tax effect of debt interest		2,567		—
Net income after tax effected debt interest		$	2,917,226	$	319,509

Denominator:
Basic weighted average number of shares outstanding		124,658,891		119,569,705
Effect of dilutive securities(1)		2,705,844		3,893,569
Diluted weighted average number of shares		127,364,735		123,463,274

Net income per share:
Basic		$	23.38	$	2.67
Diluted		$	22.90	$	2.59

Common stock equivalents excluded from income per diluted share because they are anti-dilutive		37,530		638,848

(1) Included in the effect of dilutive securities is the assumed conversion of employee stock options, employee RSUs and the Notes. For the year ended December 31, 2020, the Notes have been excluded from the effect of dilutive securities as they were anti-dilutive.