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EARNINGS PER SHARE (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings per Common Share | Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic weighted average number of shares outstanding | 36,322 |  |  | 36,765 |  |  | 36,317 |  |  | 36,715 |
Effect of dilutive securities: |  |  |  |  |  |  |
Unvested restricted stock | 396 |  |  | 426 |  |  | 421 |  |  | 434 |
Diluted average shares outstanding | 36,718 |  |  | 37,191 |  |  | 36,738 |  |  | 37,149 |
Net earnings | $ | 231,555 |  |  | $ | 186,836 |  |  | $ | 417,571 |  |  | $ | 318,137 |
Basic earnings per share | $ | 6.38 |  |  | $ | 5.08 |  |  | $ | 11.50 |  |  | $ | 8.67 |
Diluted earnings per share | $ | 6.31 |  |  | $ | 5.02 |  |  | $ | 11.37 |  |  | $ | 8.56 |
We compute basic earnings per share by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if securities or contracts to issue common stock that are dilutive were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. In accordance with ASC 260-10, Earnings Per Share, we calculate the dilutive effect of the 2028 Convertible Notes using the "if-converted" method. As discussed in Note 6, the Company will settle any convertible note conversions by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have a dilutive impact when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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