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EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

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

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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

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-Name Accounting Standards Codification
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-Section 50
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