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Earnings per Common Share

12 Months Ended

Dec. 31, 2023

Earnings per Common Share

Net Income (Loss) per Common Share

24. Earnings per Common Share

Basic earnings per common share is computed using the two–class method, which is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Under the two–class method, basic earnings per common share is determined by dividing net income, after deducting amounts allocated to participating securities, by the weighted average number of common shares outstanding for the period. Participating securities include unvested restricted stock and stock–settled restricted stock units that have nonforfeitable rights to receive dividends or dividend equivalents, whether paid or unpaid. During periods of net loss, only distributed earnings (dividends) are allocated to participating securities, as participating securities do not have a contractual obligation to participate in our undistributed losses.

Diluted earnings per common share is computed using the weighted average number of common shares outstanding adjusted for the incremental common stock equivalents attributed to outstanding performance–based restricted stock units and stock to be issued pursuant to our ESPP unless their effect would be anti–dilutive.

The following table shows the calculation of net income attributable to common stockholders, which is used in the calculation of basic and diluted earnings per common share, potential shares of common stock that were included in computing diluted earnings per common share and the potential shares of common stock issuable that were excluded from computing diluted earnings per common share as their inclusion would have been anti–dilutive:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023			2022			2021
Net income	​	$	104,998	​	$	44,296	​	$	28,217
Less: Allocation of earnings to participating securities	​		(1,878)	​		(1,429)	​		(1,172)
Net income attributable to common stockholders	​	$	103,120	​	$	42,867	​	$	27,045
​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding used in basic earnings per common share	​	​	154,126	​	​	153,281	​	​	151,684
Effect of dilutive securities:	​	​	​	​	​	​	​	​	​
Performance-based restricted stock units	​	​	207	​	​	125	​	​	144
ESPP shares	​	​	11	​	​	4	​	​	2
Weighted average common shares outstanding used in diluted earnings per common share	​	​	154,344	​	​	153,410	​	​	151,830
​	​	​	​	​	​	​	​	​	​
Anti-dilutive shares excluded from diluted income per common share	​	​	​	​	​	​	​	​	​
Stock options	​	​	—	​	​	—	​	​	31
Performance-based restricted stock units	​	​	—	​	​	—	​	​	—
ESPP shares	​	​	—	​	​	—	​	​	—
Net dilutive potential common shares issuable	​	​	—	​	​	—	​	​	31

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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