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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share, Basic [Abstract] |
Earnings Per Share | 12. Earnings Per Share A reconciliation of basic and diluted weighted average shares outstanding is as follows:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (Amounts in thousands, except per share data) |
Numerator: |  |  |  |  |  |
Net income |  | $ | 2,094 |  |  | $ | 28,829 |
Denominator: |  |  |  |  |  |
Weighted average shares used in computing net income per share – basic |  |  | 55,791 |  |  |  | 55,590 |
Effect of dilutive shares: |  |  |  |  |  |
Options and stock units |  |  | 473 |  |  |  | 529 |
Convertible senior notes(1) |  |  | 238 |  |  |  | 883 |
Contingent consideration |  |  | 29 |  |  |  | 44 |
Dilutive effect of unvested performance stock units |  |  | — |  |  |  | 3 |
Dilutive potential common shares |  |  | 740 |  |  |  | 1,459 |
Denominator for diluted earnings per share – adjusted weighted average shares used in computing net income per share – diluted |  |  | 56,531 |  |  |  | 57,049 |
Earnings per share: |  |  |  |  |  |
Basic |  | $ | 0.04 |  |  | $ | 0.52 |
Diluted |  | $ | 0.04 |  |  | $ | 0.51 |
(1) Represents the dilutive impact for the Company's 2019 Notes. As of March 31, 2024, the if-converted value is less than the outstanding principal of the 2023 Notes and are therefore anti-dilutive. Refer to Note 8, "Convertible Senior Notes," above for more information. For the three months ended March 31, 2024 and 2023, 298,998 shares and 263,871 shares, respectively, of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and were therefore anti-dilutive. In July 2019, the Company issued $287.5 million aggregate principal amount of its 2019 Notes. As provided by the terms of the Second Supplemental Indenture underlying the 2019 Notes, upon conversion of the 2019 Notes, the Company will use a combination of cash and shares of the Company's common stock, settling the par value of the 2019 Notes in cash and any excess conversion premium in shares. On December 14, 2023, the Company exchanged, in a privately negotiated exchange, $309.9 million principal amount of 2023 Notes for $217.7 million principal amount of 2019 Notes and issued $290.1 million aggregate principal amount of 2023 Notes for $290.1 million in cash. Immediately following the closing of the Exchange Transaction mentioned above, $69.7 million in aggregate principal amount of the 2019 Notes remained outstanding as of December 31, 2023 with terms unchanged. As of March 31, 2024, subsequent to the conversion of another $0.1 million, $69.6 million in aggregate principal amount remains outstanding. As mentioned above and as provided by the terms of the Second Supplemental Indenture underlying the 2019 Notes, the Company irrevocably elected to settle the conversion obligation for the 2019 Notes in a combination of cash and shares of the Company’s common stock. This means the Company will settle the par value of the 2019 Notes in cash and any excess conversion premium in shares. The Company is required to reflect the dilutive effect of the convertible securities by application of the “if-converted” method, which means the denominator of the EPS calculation would include the total number of shares assuming the 2019 Notes had been fully converted at the beginning of the period. Accordingly, the par value of the 2019 Notes was not included in the calculation of diluted income per share, but the dilutive effect of the conversion premium was considered in the calculation of diluted net income per share using the treasury stock method. The dilutive impact of the 2019 Notes was based on the difference between the Company’s current period average stock price and the conversion price of the 2019 Notes, provided there was a premium. For the three months ended March 31, 2024 and 2023, the dilutive effect of the conversion premium included in the calculation of diluted earnings was 238,361 shares and 882,599 shares, respectively.

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