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Earnings per Common Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and share-based awards (restricted share awards, restricted stock units and performance stock units), each using the treasury stock method. For the years ended December 31, 2023 and 2022, we used the if-converted method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share, as required by the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). For the year ended December 31, 2021, prior to the adoption of ASU 2020-06, we used the treasury stock method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share because we had the ability and intent to settle the principal amount of the outstanding 2023 Convertible Notes in cash. The conversion feature had a dilutive impact on earnings per common share for the years ended December 31, 2023, 2022 and 2021, as the average market price per share of our common stock for the periods exceeded the conversion price of $101.38 per share. On August 17, 2023, we issued a total of 1,460,740 shares of our common stock to holders in connection with the conversion of their 2023 Convertible Notes at maturity. As of December 31, 2023, there were no 2023 Convertible Notes outstanding. See Note 14, “Debt” for additional information about the 2023 Convertible Notes.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Numerator — basic and diluted |  |  |  |  |
Net income | $ | 274,892 |  |  | $ | 235,514 |  |  | $ | 234,966 |
Denominator |  |  |  |  |
Weighted average number of common shares outstanding — basic | 33,924 |  |  | 33,693 |  |  | 33,489 |
Effect of dilutive share-based awards | 559 |  |  | 599 |  |  | 701 |
Effect of dilutive stock options | 295 |  |  | 325 |  |  | 368 |
Effect of dilutive convertible notes | 868 |  |  | 1,166 |  |  | 779 |
Weighted average number of common shares outstanding — diluted | 35,646 |  |  | 35,783 |  |  | 35,337 |
Earnings per common share — basic | $ | 8.10 |  |  | $ | 6.99 |  |  | $ | 7.02 |
Earnings per common share — diluted | $ | 7.71 |  |  | $ | 6.58 |  |  | $ | 6.65 |
Antidilutive stock options and share-based awards | 5 |  |  | 9 |  |  | 4 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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