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Weighted Average Shares Outstanding and Net Income Per Share | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator |  |  |  |  |  |  |
Net income attributable to common shareholders for basic earnings per share | $ | 102,929 |  |  | $ | 78,951 |  |  | $ | 140,973 |  |  | $ | 84,863 |
Add: Interest expense related to Convertible Notes (1) | 2,974 |  |  | 3,064 |  |  | 8,922 |  |  | 9,196 |
Net income attributable to common shareholders for diluted earnings per share | $ | 105,903 |  |  | $ | 82,015 |  |  | $ | 149,895 |  |  | $ | 94,059 |
Denominator |  |  |  |  |  |  |
Weighted average common shares outstanding, basic | 43,783 |  | 43,696 |  |  | 43,665 |  | 43,914 |
Add: Dilutive effect of RSUs | 509 |  |  | 567 |  |  | 546 |  |  | 568 |
Add: Dilutive effect of Convertible Notes (1) | 9,264 |  |  | 8,103 |  |  | 8,757 |  |  | 8,103 |
Weighted average common shares outstanding, diluted | 53,556 |  | 52,366 |  |  | 52,968 |  | 52,585 |
Net income per share, basic | $ | 2.35 |  |  | $ | 1.81 |  |  | $ | 3.23 |  |  | $ | 1.93 |
Net income per share, diluted | $ | 1.98 |  |  | $ | 1.57 |  |  | $ | 2.83 |  |  | $ | 1.79 |
(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. 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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