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

9 Months Ended

Sep. 30, 2025

Schedule of Earnings Per Share, Basic and Diluted

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.