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Earnings Per Common Share (EPS) | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Common Share (EPS) | 11.EARNINGS PER COMMON SHARE (EPS) The computation of weighted average shares outstanding and the basic and diluted earnings per common share for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands, except per share amounts): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Net income | ​ | $ | 94,411 | ​ | $ | 74,516 | ​ | $ | 48,454
Average common shares outstanding | ​ |  | 57,593 | ​ |  | 56,806 | ​ |  | 56,145
Basic EPS | ​ | $ | 1.64 | ​ | $ | 1.31 | ​ | $ | 0.86
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average common shares outstanding | ​ | ​ | 57,593 | ​ | ​ | 56,806 | ​ | ​ | 56,145
Effect of dilutive stock awards | ​ | ​ | 763 | ​ | ​ | 865 | ​ | ​ | 1,214
Total potential shares outstanding | ​ | ​ | 58,356 | ​ | ​ | 57,671 | ​ | ​ | 57,359
Diluted EPS | ​ | $ | 1.62 | ​ | $ | 1.29 | ​ | $ | 0.84
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity awards excluded as the impact was anti-dilutive (1) | ​ | ​ | 1,143 | ​ | ​ | 1,438 | ​ | ​ | 799
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(1) | Does not reflect the impact of incremental repurchases under the treasury stock method.
​ Convertible Notes ​ For our Convertible Notes issued in December 2023, the dilutive effect is calculated using the if-converted method. Upon surrender of the Convertible Notes for conversion, Merit will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Merit’s common stock or a combination of cash and shares of Merit’s common stock, at Merit’s election, in respect of the remainder, if any, of Merit’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the Convertible Notes were converted. The average closing prices of our common stock for the year ended December 31, 2023 were used as the basis for determining the dilutive effect on EPS. The average closing prices for our common stock did not exceed the conversion price of $86.83, and therefore all associated shares were anti-dilutive.

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