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EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of weighted average number of shares | 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
Schedule of potentially dilutive securities | 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
Schedule of basic and diluted earnings per share | 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.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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