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Net Income per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [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 stock 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 years ended December 31, 2024, 2023 and 2022 were as follows (in thousands, except per share data):
 
202420232022
Numerator:
Net income$504,918 $547,629 $523,672 
Denominator:
Shares used for basic net income per share151,392 152,510 159,089 
Effect of dilutive securities:
Stock awards2,210 2,312 658 
Convertible senior notes744 575 720 
Warrants related to issuance of convertible senior notes— — — 
Shares used for diluted net income per share154,346 155,397 160,467 
Basic net income per share$3.34 $3.59 $3.29 
Diluted net income per share$3.27 $3.52 $3.26 

For the years ended December 31, 2024, 2023 and 2022, 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 years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Service-based stock awards2,171 2,947 2,211 
Market- and performance-based stock awards1,316 1,371 1,030 
Warrants related to issuance of convertible senior notes32,006 26,998 21,991 
Total shares excluded from computation35,493 31,316 25,232