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Weighted Average Shares Outstanding and Net Income Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Weighted Average Shares Outstanding and Net Income Per Share | Weighted Average Shares Outstanding and Net Income Per Share The following table presents a reconciliation of 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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator |  |  |  |  |  |  |
Net income attributable to common shareholders for basic earnings per share | $ | 71,700 |  |  | $ | 36,895 |  |  | $ | 38,044 |  |  | $ | 5,912 |
Add: Interest expense related to Convertible Notes | 2,994 |  |  | 3,074 |  |  | 5,988 |  |  | — |
Net income attributable to common shareholders for diluted earnings per share | $ | 74,694 |  |  | $ | 39,969 |  |  | $ | 44,032 |  |  | $ | 5,912 |
Denominator |  |  |  |  |  |  |
Weighted average common shares outstanding, basic | 43,746 |  | 44,060 |  |  | 43,605 |  | 44,024 |
Add: Dilutive effect of RSUs | 543 |  |  | 564 |  |  | 564 |  |  | 569 |
Add: Dilutive effect of Convertible Notes | 8,466 |  |  | 8,103 |  |  | 8,447 |  |  | — |
Weighted average common shares outstanding, diluted | 52,755 |  | 52,727 |  |  | 52,616 |  | 44,593 |
Net income per share, basic | $ | 1.64 |  |  | $ | 0.84 |  |  | $ | 0.87 |  |  | $ | 0.13 |
Net income per share, diluted | $ | 1.42 |  |  | $ | 0.76 |  |  | $ | 0.84 |  |  | $ | 0.13 |
For the three months ended June 30, 2024, an immaterial amount of interest expense related to the 2.75% Convertible Notes and the potential dilution from those notes converting into 35,000 shares of common stock have been excluded from the calculation of diluted earnings per share, as their inclusion would have been anti-dilutive. For the six months ended June 30, 2024, $6.6 million of interest expense related to the 2.75% Convertible Notes and the 3.75% Convertible Notes and the potential dilution from those convertible notes converting into 8,138,000 shares of common stock have been excluded from the calculation of diluted earnings per share, as their inclusion would have been anti-dilutive. In connection with the issuance of the 3.25% Convertible Notes and 3.75% Convertible Notes, we entered into the 2024 capped call transactions and 2023 capped call transactions, respectively, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.

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