Weighted Average Shares Outstanding and Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Weighted Average Shares of Common Stock Used in Calculating Basic and Diluted Net Income (Loss) per Share

The following table presents a reconciliation of net income and the weighted average shares of common stock used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share.


Years Ended December 31,	2024		2023		2022
Numerator
Net income attributable to common shareholders for basic earnings per share	$	126,346	$	43,599	$	83,302
Add: Interest expense, net of tax, related to Convertible Notes (1)	11,472		7,622		5,890
Net income attributable to common shareholders for diluted earnings per share	$	137,818	$	51,221	$	89,192
Denominator
Weighted average common shares outstanding, basic	43,846		43,879		44,485
Add: Dilutive effect of RSUs	565		583		532
Add: Dilutive effect of Convertible Notes (1)	8,103		8,103		7,309
Weighted average common shares outstanding, diluted	52,514		52,565		52,326
Net income per share, basic	$	2.88	$	0.99	$	1.87
Net income per share, diluted	$	2.62	$	0.97	$	1.70

(1)The dilutive effect of the convertible notes was determined using the if-converted method. As the 3.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof at our election, the 3.75% Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 3.25% Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 3.25% Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price. The 2.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof at our election. The shares associated with the 2.75% Convertible Notes were not included in our calculation of diluted net income per share for the year ended December 31, 2023 because their effect would have been anti-dilutive. The number of shares used in calculating diluted net income per share for the year ended December 31, 2022 includes the dilutive effect of the 2.75% Convertible Notes.