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Net Income per Share
6 Months Ended
Jun. 30, 2025
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 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 three and six months ended June 30, 2025 and 2024 were as follows (in thousands, except per share data):
 
 For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
 2025202420252024
Numerator:
Net income$103,618 $131,688 $226,789 $307,106 
Denominator:
Shares used for basic net income per share144,757 152,265 146,905 151,946 
Effect of dilutive securities:
Stock awards492 1,124 1,251 2,425 
Convertible senior notes— 199 — 1,156 
Warrants related to issuance of convertible senior notes— — — — 
Shares used for diluted net income per share145,249 153,588 148,156 155,527 
Basic net income per share$0.72 $0.86 $1.54 $2.02 
Diluted net income per share$0.71 $0.86 $1.53 $1.97 

For the three and six months ended June 30, 2025 and 2024, 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 six months ended June 30, 2025 and 2024 were as follows (in thousands):

For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2025202420252024
Service-based stock awards2,389 3,269 5,066 3,715 
Market- and performance-based stock awards1,583 1,315 1,583 1,321 
Warrants related to issuance of convertible senior notes50,552 32,006 41,279 32,006 
Total shares excluded from computation54,524 36,590 47,928 37,042