Net Income Per Share

12 Months Ended

Dec. 31, 2023

Basic Earnings Per Share ("EPS") is calculated by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if options or other securities with features that could result in the issuance of common stock were exercised or converted to common stock. The following table reconciles the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):


	For the Year Ended December 31,
	2023		2022		2021

Net income applicable to common shareholders	$	214,069	$	93,693	$	55,295
Weighted-average shares outstanding:
Basic	26,860		30,106		30,764
Dilutive effect of stock options, RSUs, convertible securities and warrants	1,242		379		489
Diluted	28,102		30,485		31,253
Earnings Per Share:
Basic	$	7.97	$	3.11	$	1.80
Dilutive effect of stock options, RSUs, convertible securities and warrants	(0.35)		(0.04)		(0.03)
Diluted	$	7.62	$	3.07	$	1.77

Certain shares of common stock issuable upon the exercise or conversion of certain securities have been excluded from our computation of earnings per share because the strike price or conversion rate, as applicable, of such securities was greater than the average market price of our common stock for the years ended December 31, 2023, 2022 and 2021, as applicable, and, as a result, the effect of such exercise or conversion would have been anti-dilutive. Set forth below are the securities and the weighted average number of shares of common stock underlying such securities that were excluded from our computation of earnings per share for the periods presented (in thousands):


	For the Year Ended December 31,
	2023	2022	2021
Restricted stock units and stock options	106	504	322

Warrants	7,488	6,444	4,921
Total	7,594	6,948	5,243