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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-50245
 HOPE BANCORP, INC
(Exact name of registrant as specified in its charter)
Delaware95-4849715
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

3200 Wilshire Boulevard, Suite 1400
Los Angeles, California 90010
(Address of principal executives offices, including zip code)
(213) 639-1700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $0.001 per shareHOPENASDAQ Global Select Market
(Title of class)(Trading Symbol)(Name of exchange on which registered)
______________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of May 4, 2022, there were 120,395,720 shares of Hope Bancorp, Inc. common stock outstanding.




Table of Contents
 
  Page
Item 1.
Consolidated Statements of Financial Condition (Unaudited)
Consolidated Statements of Income (Unaudited)
Consolidated Statements of Comprehensive Income (Unaudited)
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Consolidated Statements of Cash Flows (Unaudited)
1. Hope Bancorp, Inc.
2. Basis of Presentation
3. Earnings Per Share (“EPS”)
4. Equity Investments
5. Securities Available for Sale
6. Loans Receivable and Allowance for Credit Losses
7. Leases
8. Deposits
9. Borrowings
10. Subordinated Debentures and Convertible Notes
11. Derivative Financial Instruments
12. Commitments and Contingencies
13. Goodwill, Intangible Assets, and Servicing Assets
14. Income Taxes
15. Fair Value Measurements
16. Stockholders’ Equity
17. Stock-Based Compensation
18. Regulatory Matters
19. Revenue Recognition
Item 2.
Item 3.
Item 4.
Item 1.LEGAL PROCEEDINGS
Item 1A.RISK FACTORS
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 3.DEFAULTS UPON SENIOR SECURITIES
Item 4.MINE SAFETY DISCLOSURES
Item 5.OTHER INFORMATION
Item 6.EXHIBITS
INDEX TO EXHIBITS
SIGNATURES

2


Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market, and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “forecasts,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, trends, uncertainties, and factors that are beyond the Company’s control or ability to predict. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include: the COVID-19 pandemic and its impact on our financial position, results of operations, liquidity, and capitalization; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see Part I, Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 28, 2022, as such information may be updated from time to time in subsequent Quarterly Reports on Form 10-Q that we file with the SEC.

Due to the risks and uncertainties we face, readers are cautioned not to place undue reliance on the forward-looking statements contained in this Report, which speak only as of the date of this Report, or to make predictions about future performance based solely on historical financial. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.


3


PART I
FINANCIAL INFORMATION

Item 1.Financial Statements

HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
 March 31,
2022
December 31,
2021
ASSETS(Dollars in thousands, except share data)
Cash and cash equivalents:
Cash and due from banks$268,461 $271,319 
Interest bearing cash in other banks11,912 44,947 
Total cash and cash equivalents280,373 316,266 
Interest bearing deposits in other financial institutions11,627 12,851 
Securities available for sale, at fair value2,492,486 2,666,275 
Equity investments56,674 57,860 
Loans held for sale, at the lower of cost or fair value115,756 99,049 
Loans receivable, net of allowance for credit losses of $147,450 and $140,550 at March 31, 2022 and December 31, 2021, respectively
13,919,224 13,812,193 
Other real estate owned (“OREO”), net2,010 2,597 
Federal Home Loan Bank (“FHLB”) stock, at cost18,900 17,250 
Premises and equipment, net 45,642 45,667 
Accrued interest receivable37,949 41,842 
Deferred tax assets, net90,172 49,719 
Customers’ liabilities on acceptances1,676 1,521 
Bank owned life insurance (“BOLI”)77,390 77,081 
Investments in affordable housing partnerships56,368 58,387 
Operating lease right-of-use assets, net50,209 52,701 
Goodwill464,450 464,450 
Core deposit intangible assets, net7,184 7,671 
Servicing assets, net10,874 10,418 
Other assets64,850 95,263 
Total assets$17,803,814 $17,889,061 


(Continued)
4


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
 March 31,
2022
December 31,
2021
LIABILITIES AND STOCKHOLDERS’ EQUITY(Dollars in thousands, except share data)
LIABILITIES:
Deposits:
Noninterest bearing$5,498,263 $5,751,870 
Interest bearing:
Money market and NOW accounts6,484,677 6,178,850 
Savings deposits321,373 321,377 
Time deposits2,210,815 2,788,353 
Total deposits14,515,128 15,040,450 
FHLB and FRB borrowings772,000 300,000 
Convertible notes, net216,444 216,209 
Subordinated debentures, net105,652 105,354 
Accrued interest payable4,826 4,272 
Acceptances outstanding1,676 1,521 
Operating lease liabilities54,759 57,303 
Commitments to fund investments in affordable housing partnerships8,842 9,514 
Other liabilities83,430 61,455 
Total liabilities$15,762,757 $15,796,078 
STOCKHOLDERS’ EQUITY:
Common stock, $0.001 par value; 150,000,000 authorized shares: issued and outstanding 136,671,538 and 120,327,689 shares, respectively, at March 31, 2022, and issued and outstanding 136,350,301 and 120,006,452 shares, respectively, at December 31, 2021
$137 $136 
Additional paid-in capital1,422,602 1,421,698 
Retained earnings976,483 932,561 
Treasury stock, at cost; 16,343,849 and 16,343,849 shares at March 31, 2022 and December 31, 2021, respectively
(250,000)(250,000)
Accumulated other comprehensive loss, net(108,165)(11,412)
Total stockholders’ equity2,041,057 2,092,983 
Total liabilities and stockholders’ equity$17,803,814 $17,889,061 


See accompanying Notes to Consolidated Financial Statements (Unaudited)

5


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 Three Months Ended March 31,
 20222021
(Dollars in thousands, except per share data)
INTEREST INCOME:
Interest and fees on loans$132,672 $129,736 
Interest on securities11,656 7,915 
Interest on other investments544 642 
Total interest income144,872 138,293 
INTEREST EXPENSE:
Interest on deposits8,676 12,770 
Interest on FHLB and FRB borrowings687 642 
Interest on other borrowings and convertible notes2,333 2,302 
Total interest expense11,696 15,714 
NET INTEREST INCOME BEFORE PROVISION (CREDIT) FOR CREDIT LOSSES133,176 122,579 
PROVISION (CREDIT) FOR CREDIT LOSSES(11,000)3,300 
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR CREDIT LOSSES144,176 119,279 
NONINTEREST INCOME:
Service fees on deposit accounts1,974 1,790 
International service fees794 841 
Loan servicing fees, net836 1,044 
Wire transfer fees900 844 
Swap fees785 67 
Net gains on sales of SBA loans5,603  
Net gains on sales of residential mortgage loans757 2,096 
Other income and fees1,537 2,122 
Total noninterest income13,186 8,804 
NONINTEREST EXPENSE:
Salaries and employee benefits47,745 41,216 
Occupancy7,335 6,967 
Furniture and equipment4,644 4,186 
Advertising and marketing1,636 1,625 
Data processing and communications2,461 2,737 
Professional fees2,211 2,903 
Investments in affordable housing partnership expenses2,019 2,702 
FDIC assessments1,569 1,255 
Credit related expenses1,112 2,218 
OREO expense, net357 281 
Other4,284 4,341 
Total noninterest expense75,373 70,431 
INCOME BEFORE INCOME TAXES81,989 57,652 
INCOME TAX PROVISION21,251 13,965 
NET INCOME$60,738 $43,687 
EARNINGS PER COMMON SHARE
Basic$0.51 $0.35 
Diluted$0.50 $0.35 

See accompanying Notes to Consolidated Financial Statements (Unaudited)
6


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended March 31,
 20222021
(Dollars in thousands)
Net income$60,738 $43,687 
Other comprehensive loss:
Change in unrealized net holding losses on securities available for sale(141,272)(40,803)
Change in unrealized net holding gains on interest rate swaps used in cash flow hedges4,002 602 
Reclassification adjustments for net losses realized in net income64 66 
Tax effect40,453 12,605 
Other comprehensive loss, net of tax(96,753)(27,530)
Total comprehensive (loss) income$(36,015)$16,157 


See accompanying Notes to Consolidated Financial Statements (Unaudited)

7


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
Common stockAdditional paid-in capitalRetained
earnings
Treasury stockAccumulated other comprehensive income (loss), netTotal
stockholders’ equity
 SharesAmount
 (Dollars in thousands, except share and per share data)
BALANCE, DECEMBER 31, 2020123,264,864 $136 $1,434,916 $785,940 $(200,000)$32,753 $2,053,745 
Adoption of ASU 2020-06(21,420)10,715 (10,705)
Adoption of ASU 2020-06 tax adjustment3,145 3,145 
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations215,630 —   
Stock-based compensation496 496 
Cash dividends declared on common stock ($0.14 per share)
(17,257)(17,257)
Comprehensive income:
Net income43,687 43,687 
Other comprehensive loss(27,530)(27,530)
BALANCE, MARCH 31, 2021123,480,494 $136 $1,417,137 $823,085 $(200,000)$5,223 $2,045,581 
BALANCE, DECEMBER 31, 2021120,006,452 $136 $1,421,698 $932,561 $(250,000)$(11,412)$2,092,983 
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations321,237 1 530 531 
Stock-based compensation374 374 
Cash dividends declared on common stock ($0.14 per share)
(16,816)(16,816)
Comprehensive loss:
Net income60,738 60,738 
Other comprehensive loss(96,753)(96,753)
BALANCE, MARCH 31, 2022120,327,689 $137 $1,422,602 $976,483 $(250,000)$(108,165)$2,041,057 


See accompanying Notes to Consolidated Financial Statements (Unaudited)

8


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
 20222021
 (Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$60,738 $43,687 
Adjustments to reconcile net income to net cash from operating activities:
Discount accretion, net of depreciation and amortization6,201 6,638 
Stock-based compensation expense2,598 2,572 
(Credit) provision for credit losses(11,000)3,300 
Provision for unfunded loan commitments200 105 
Provision for accrued interest receivables on loans200 600 
Valuation adjustment of OREO276 155 
Net gains on sales of SBA loans(5,603) 
Net gains on sales of residential mortgage loans(757)(2,096)
Earnings on BOLI(309)(324)
Net change in fair value of equity investments with readily determinable fair value1,247 484 
Losses on investments in affordable housing partnerships1,943 2,629 
Net change in deferred income taxes65 4,175 
Proceeds from sales of loans held for sale88,359 69,931 
Originations of loans held for sale(16,916)(69,783)
Originations of servicing assets(1,463)(592)
Net change in accrued interest receivable3,693 (1,668)
Net change in other assets31,861 20,958 
Net change in accrued interest payable554 (6,095)
Net change in other liabilities21,775 (16,558)
Net cash provided by operating activities183,662 58,118 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of interest bearing deposits in other financial institutions (249)
Redemption of interest bearing deposits in other financial institutions1,224 2,948 
Purchase of securities available for sale(85,171)(209,270)
Proceeds from matured, called, or paid-down securities available for sale114,879 215,077 
Proceeds from sale of equity investments 214 
Proceeds from sales of other loans held for sale previously classified as held for investment18,711  
Purchase of loans receivable(27,936) 
Net change in loans receivable(165,294)(138,554)
Proceeds from sales of OREO331 1,437 
Purchase of FHLB stock(3,300) 
Redemption of FHLB stock1,650  
Purchase of premises and equipment(2,146)(1,504)
Investments in affordable housing partnerships(672)(154)
Net cash used in investing activities(147,724)(130,055)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits(525,322)(32,643)
Proceeds from FHLB borrowings3,123,000 1,140,000 
Repayment of FHLB borrowings(2,723,000)(990,000)
Proceeds from FRB borrowings121,000  
Repayment of FRB borrowings(49,000) 
Cash dividends paid on common stock(16,816)(17,257)
Taxes paid in net settlement of restricted stock(2,224)(2,076)
Issuance of additional stock pursuant to various stock plans531  
Net cash (used in) provided by financing activities(71,831)98,024 
NET CHANGE IN CASH AND CASH EQUIVALENTS(35,893)26,087 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD316,266 350,579 
CASH AND CASH EQUIVALENTS, END OF PERIOD$280,373 $376,666 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid$10,609 $21,284 
Income taxes paid$1,317 $1,240 
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Transfer from loans receivable to loans held for sale$104,553 $ 
Transfer from loans held for sale to loans receivable$3,418 $ 
Lease liabilities arising from obtaining right-of-use assets$1,298 $ 


See accompanying Notes to Consolidated Financial Statements (Unaudited)

9


HOPE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)



1.Hope Bancorp, Inc.
Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). As of March 31, 2022, the Bank operated branches in California, New York/New Jersey, Illinois, Washington, Texas, Virginia, Alabama and Georgia, loan production offices in Colorado, Texas, Oregon, Washington, Georgia, Southern California, and Northern California, and a representative office in Seoul, South Korea. The Company is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended.

2.Basis of Presentation
The consolidated financial statements included herein have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), except for the Consolidated Statement of Financial Condition as of December 31, 2021 which was from the audited financial statements included in the Company’s 2021 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such SEC rules and regulations.
The consolidated financial statements include the accounts of Hope Bancorp and its wholly owned subsidiaries, principally Bank of Hope. All intercompany transactions and balances have been eliminated in consolidation. The Company has made all adjustments, that in the opinion of management, are necessary to fairly present the Company’s financial position at March 31, 2022 and December 31, 2021 and the results of operations for the three months ended March 31, 2022 and 2021. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. The results of operations for the interim periods are not necessarily indicative of results to be anticipated for the full year.
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.
The global pandemic resulting from the outbreak of the novel strain of coronavirus (“COVID-19”) substantially and negatively impacted the United States economy and disrupted global supply chains. During the worst of the pandemic, there were temporary closures of countless businesses and the institution of social distancing and sheltering in place requirements in most states and communities. Many states have now relaxed most of the business closures and other social distancing requirements, and the economy has recovered from the worst of the pandemic. In line with this recovery, the Company experienced improvements in operating results for the three months ended March 31, 2022 when compared to the three months ended March 31, 2021. There continues to be uncertainty around variants of the COVID-19 virus as well as the pace and sustainability of the economic recovery. It is at least reasonably possible that information which was available to the Company at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change could be material to the financial statements. The extent to which the COVID-19 pandemic will impact the Company’s estimates and assumptions is uncertain.
These unaudited consolidated financial statements should be read along with the audited consolidated financial statements and accompanying notes included in the Company’s 2021 Annual Report on Form 10-K.

10


Pending Accounting Pronouncements
In January 2021, the FASB issued ASU 2021-01, “Codification Improvements to Topic 848, Reference Rate Reform”. ASU 2021-01 amends the scope of the recent reference rate reform guidance and clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment (i.e., discount transition) to qualify for certain optional relief. The new optional expedients for contract modifications and hedge accounting are expected to benefit companies, including those with certain centrally cleared derivatives affected by a discount rate transition in 2020. Amendments to the expedients and exceptions in Topic 848 captures the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 is effective immediately and can be applied retrospectively to any interim period beginning January 1, 2020 or prospectively to any new modifications in any period including or subsequent to the issuance date. ASU 2021-01 is not expected to have a material impact on the Company’s consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers”, to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The ASU also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. The new guidance is not expected to have a material impact on the Company’s consolidated financial statements.
In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326). The standard addresses the following: 1) eliminates the accounting guidance for TDRs, will require an entity to determine whether a modification results in a new loan or a continuation of an existing loan, 2) expands disclosures related to modifications, and 3) will require disclosure of current period gross write-offs of financing receivables within the vintage disclosures table. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. Early adoption of the amendments in this update is permitted. An entity may elect to early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is assessing the impact that the adoption of ASU 2022-02 will have on its consolidated financial statements.

11


3.    Earnings Per Share (“EPS”)
Basic EPS does not reflect the possibility of dilution that could result from the issuance of additional shares of common stock upon exercise or conversion of outstanding equity awards or convertible notes and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options, convertible notes, employee stock purchase program (“ESPP”) shares, or other contracts to issue common stock were exercised or converted to common stock that would then share in earnings. For the three months ended March 31, 2022 and 2021, stock options and restricted share awards of 460,737 and 594,053 shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were anti-dilutive.
The Company previously issued $217.5 million in convertible senior notes maturing on May 15, 2038. The convertible notes can be converted into the Company’s shares of common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (See footnote 10 “Subordinated Debentures and Convertible Notes” for additional information regarding convertible notes issued). With the adoption of ASU 2020-06, the if-converted method is required for calculating dilutive EPS for all convertible instruments since the treasury stock method is no longer available. Under the if-converted method, the denominator of the diluted EPS calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back after-tax interest expense for the period. For the three months ended March 31, 2022 and 2021, shares related to the convertible notes issued were not included in the Company’s diluted EPS calculation. In accordance with the terms of the convertible notes and settlement options available to the Company, no shares would have been delivered to investors of the convertible notes based on the Company’s common stock price during the three months ended March 31, 2022 and 2021 as the conversion price exceeded the market price of the Company’s stock.
The following tables show the computation of basic and diluted EPS for the three months ended March 31, 2022 and 2021.
Three Months Ended March 31,
 20222021
 Net Income
(Numerator)
Weighted-Average Shares
(Denominator)
Earnings
Per
Share
Net Income
(Numerator)
Weighted-Average Shares
(Denominato