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EARNINGS (LOSS) PER SHARE | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing Net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing Net income (loss) by the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method or the if-converted method, as applicable. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings (loss) per share to the weighted-average common shares outstanding used in the calculation of diluted earnings (loss) per share:
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Weighted-average shares outstanding, basic | 164,149,348 |  | 177,231,717 |  | 168,002,773 |  | 177,034,068
Assumed conversion of 2026 Notes | — |  | — |  | 4,063,441 |  | 15,584,409
Assumed conversion of restricted stock | — |  | — |  | — |  | 620,190
Assumed conversion of RSUs | — |  | — |  | — |  | 393,995
Weighted-average shares outstanding, diluted | 164,149,348 |  | 177,231,717 |  | 172,066,214 |  | 193,632,662
The following table presents unweighted potentially dilutive shares that were not included in the computation of diluted earnings (loss) per share because to do so would have been antidilutive:
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
2026 Notes | — |  | 15,584,409 |  | — |  | —
2030 Notes | 34,380,440 |  | — |  | 34,380,440 |  | —
Restricted Stock | 342,601 |  | 685,202 |  | 342,601 |  | —
RSUs | 1,762,523 |  | 1,629,938 |  | 1,762,523 |  | 3,184
Total | 36,485,564 |  | 17,899,549 |  | 36,485,564 |  | 3,184
The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in thousands, except share and per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Calculation of basic earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) | $ | (25,516) |  |  | $ | (4,276) |  |  | $ | (43,082) |  |  | $ | 40,566 |
Weighted-average shares outstanding, basic | 164,149,348 |  |  | 177,231,717 |  |  | 168,002,773 |  |  | 177,034,068 |
Basic earnings (loss) per share | $ | (0.16) |  |  | $ | (0.02) |  |  | $ | (0.26) |  |  | $ | 0.23 |
Calculation of diluted earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) | $ | (25,516) |  |  | $ | (4,276) |  |  | $ | (43,082) |  |  | $ | 40,566 |
Interest expense, net of tax(1): |  |  |  |  |  |  |
2026 Notes(2) | — |  |  | — |  |  | 770 |  |  | 2,977 |
Gain on early extinguishment of debt(1)(2)(3) | — |  |  | — |  |  | (33,563) |  |  | — |
Diluted income (loss) | $ | (25,516) |  |  | $ | (4,276) |  |  | $ | (75,875) |  |  | $ | 43,543 |
Weighted-average shares outstanding, diluted | 164,149,348 |  |  | 177,231,717 |  |  | 172,066,214 |  |  | 193,632,662 |
Diluted earnings (loss) per share | $ | (0.16) |  |  | $ | (0.02) |  |  | $ | (0.44) |  |  | $ | 0.22 |
(1)The nine months ended September 30, 2024 and 2023, were tax-effected at a rate of 27.5% and 24.5%, respectively. (2)The 2026 Notes were antidilutive for the three months ended September 30, 2024 and 2023. Convertible debt becomes antidilutive whenever the combined impact of interest expense and any gains or losses recognized on actual settlements of convertible debt (net of tax) per common share obtainable upon conversion exceeds basic earnings (loss) per share. (3)Pertains to the 2026 Notes, a portion of which were repurchased during the nine months ended September 30, 2024. In connection with the issuance of the 2030 Notes, the Company entered into Capped Call Options, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Call Options are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2030 Notes. The Company has not exercised any of the Capped Call Options as of September 30, 2024. As discussed in Note 10, “Debt Obligations,” in March 2024, the Company provided a written notice to the trustee and the holders of the 2026 Notes that it has irrevocably elected to fix the settlement method for all conversions that may occur subsequent to the election date, to a combination of cash and shares of the Company’s common stock with the specified dollar amount per $1,000 principal amount of the 2026 Notes of $1,000. As a result, subsequent to the election, only the amounts in excess of the principal amount are considered in diluted earnings (loss) per share. The amount of the 2026 Notes settled in shares of common stock will have a dilutive impact on diluted earnings (loss) per share when the average market price of the Company’s common stock for a given period exceeds the conversion price, which was initially approximately $44.28 per share of common stock.

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