Second quarter 2018 GAAP net income was a record $25.1 million, or $0.49 per diluted share, compared to net income of $13.2 million, or $0.26 per diluted share, in second quarter 2017 and net income of $18.5 million, or $0.37 per share, in first quarter 2018.
Second quarter 2018 non-GAAP adjusted net income was a record $29.3 million, or $0.58 per diluted share, which excluded, net of tax, $3.8 million of non-cash acquisition-related intangible asset amortization costs and $0.4 million of restructuring expenses. This compares to non-GAAP adjusted net income of $17.8 million, or $0.36 per diluted share, in the second quarter 2017 and $24.2 million, or $0.48 per diluted share, in the first quarter 2018.
The following is an unaudited summary reconciliation of GAAP net income to non-GAAP adjusted net income and per share data, net of tax (in thousands, except per share data):
|Three Months Ended|
|June 30, 2018|
|GAAP net income||$||25,068|
|GAAP diluted income per share||$||0.49|
|Adjustments to reconcile net income to non-GAAP net income:|
|Amortization of acquisition-related intangible assets||2,604|
|Amortization of acquisition-related intangible assets||1,228|
|Non-GAAP net income||$||29,347|
|Non-GAAP diluted earnings per share||$||0.58|