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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share, Basic [Abstract] |
Earnings Per Share | 13. Earnings Per Share A reconciliation of basic and diluted weighted average shares outstanding is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Amounts in thousands, except per share data) |
Numerator: |  |  |  |  | (As Restated) |  |  |  |  |  | (As Restated) |
Net (loss) income |  | $ | (654 | ) |  | $ | 16,923 |  |  | $ | 8,355 |  |  | $ | 52,046 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares used in computing net (loss) income per share - basic |  |  | 56,012 |  |  |  | 55,766 |  |  |  | 55,896 |  |  |  | 55,688 |
Effect of dilutive shares: |  |  |  |  |  |  |  |  |  |  |  |
Options and stock units |  |  | — |  |  |  | 439 |  |  |  | 419 |  |  |  | 469 |
Convertible senior notes(1) |  |  | — |  |  |  | 735 |  |  |  | — |  |  |  | 776 |
Dilutive potential common shares |  |  | — |  |  |  | 1,174 |  |  |  | 419 |  |  |  | 1,245 |
Denominator for diluted (loss) earnings per share - adjusted weighted average shares used in computing earnings per share - diluted |  |  | 56,012 |  |  |  | 56,940 |  |  |  | 56,315 |  |  |  | 56,933 |
(Loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.01 | ) |  | $ | 0.30 |  |  | $ | 0.15 |  |  | $ | 0.93 |
Diluted |  | $ | (0.01 | ) |  | $ | 0.30 |  |  | $ | 0.15 |  |  | $ | 0.91 |
(1) Represents the dilutive impact for the Company's 2019 Notes. As of September 30, 2024, the if-converted value is less than the outstanding principal of the 2023 Notes and are therefore anti-dilutive. Refer to Note 9, "Convertible Senior Notes," above for more information. As the Company was in a net loss position for the three months ended September 30, 2024, 358,372 shares of potentially dilutive options and stock units are considered anti-dilutive for the three months ended September 30, 2024. For the three and nine months ended September 30, 2024, 491,206 sh ares and 404,989 shares, respectively, of the Company’s common stock were excluded from the calculation of diluted (loss) 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. Comparatively, for the three and nine months ended September 30, 2023, 301,404 shares and 328,179 shares, respectively, were considered 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. During 2024, $0.2 million aggregate principal amount converted, bringing the remaining outstanding 2019 Notes to $69.5 million in aggregate principal amount. The remaining 2019 Notes matured and were paid off in full on July 15, 2024. 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 settled 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 earnings per share, but the dilutive effect of the conversion premium was considered in the calculation of diluted earnings per share for any period the 2019 Notes were not matured, 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. Because the remaining 2019 Notes were redeemed at September 30, 2024 as mentioned above, there was no dilutive effect of the conversion premium included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the dilutive effect of the conversion premium included in the calculation of diluted earnings was 735,150 shares and 776,339 shares, respectively.

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