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Net Income per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share Reconciliation [Abstract] |
Net Income per Share | Net Income per Share Basic net income per share is computed using the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock awards, convertible senior notes and warrants issued by the Company. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method and the dilutive effect of the convertible securities is reflected in diluted earnings per share by application of the if-converted method. The components used in the computation of basic and diluted net income per share for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands, except per share data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |
Net income | $ | 57,907 |  |  | $ | 160,542 |  |  | $ | 365,013 |  |  | $ | 386,464 |
Denominator: |  |  |  |  |  |  |
Shares used for basic net income per share | 151,435 |  |  | 151,359 |  |  | 151,776 |  |  | 153,020 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock awards | 1,511 |  |  | 3,073 |  |  | 2,120 |  |  | 1,654 |
Convertible senior notes | 294 |  |  | 544 |  |  | 869 |  |  | 181 |
Warrants related to issuance of convertible senior notes | — |  |  | — |  |  | — |  |  | — |
Shares used for diluted net income per share | 153,240 |  |  | 154,976 |  |  | 154,765 |  |  | 154,855 |
Basic net income per share | $ | 0.38 |  |  | $ | 1.06 |  |  | $ | 2.40 |  |  | $ | 2.53 |
Diluted net income per share | $ | 0.38 |  |  | $ | 1.04 |  |  | $ | 2.36 |  |  | $ | 2.50 |
For the three and nine months ended September 30, 2024 and 2023, certain potential outstanding shares from service-based stock awards and warrants were excluded from the computation of diluted net income per share because the effect of including these items was anti-dilutive. Additionally, certain market- and performance-based stock awards were excluded from the computation of diluted net income per share because the underlying market and performance conditions for such stock awards had not been met as of these dates. The number of potentially outstanding shares excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service-based stock awards | 974 |  |  | 1,501 |  |  | 2,802 |  |  | 3,842 |
Market- and performance-based stock awards | 1,311 |  |  | 1,250 |  |  | 1,318 |  |  | 1,367 |
Warrants related to issuance of convertible senior notes | 32,006 |  |  | 32,006 |  |  | 32,006 |  |  | 25,329 |
Total shares excluded from computation | 34,291 |  |  | 34,757 |  |  | 36,126 |  |  | 30,538 |

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