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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table details the reconciliation of basic earnings per share to diluted earnings per share:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |
Net income | $ | 54,170 |  |  | $ | 30,875 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted-average basic common shares outstanding | 42,332 |  |  | 41,832 |  |  |  |  |
Assumed conversion of dilutive securities: |  |  |  |  |  |  |
Stock awards | 768 |  |  | 674 |  |  |  |  |
Convertible Senior Notes | — |  |  | — |  |  |  |  |
Denominator for diluted earnings per share - Adjusted weighted-average shares | 43,100 |  |  | 42,506 |  |  |  |  |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 1.28 |  |  | $ | 0.74 |  |  |  |  |
Diluted | $ | 1.26 |  |  | $ | 0.73 |  |  |  |  |
For the three months ended March 31, 2024, and 2023, stock awards, representing the right to purchase common stock of approximately 162,000 and 501,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an antidilutive effect. We have used the if-converted method for calculating any potential dilutive effect of the Convertible Senior Notes due 2026 on our diluted net income per share. Under the if-converted method, the Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Convertible Senior Notes is not added back to the numerator, only in the periods in which such effect is dilutive. The approximately 1.2 million remaining resulting common shares related to the Notes are not included in the dilutive weighted-average common shares outstanding calculation for the three months ended March 31, 2024, and 2023, as their effect would be antidilutive given none of the conversion features have been triggered. See Note 8, “Debt,” for discussion on the conversion features related to the Convertible Senior Notes.

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