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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share |
Earnings Per Share |
2. | Earnings Per Share
​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | September 30, |  | October 1, |  | September 30, |  | October 1,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Net income | ​ | $ | 10,348 | ​ | $ | 20,999 | ​ | $ | 35,271 | ​ | $ | 66,041
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares used in computing basic earnings per share | ​ | ​ | 31,796 | ​ |  | 34,079 | ​ | ​ | 31,789 | ​ |  | 35,935
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible debt and stock-based awards | ​ | ​ | 282 | ​ |  | 700 | ​ | ​ | 1,130 | ​ |  | 1,033
Shares used in computing diluted earnings per share | ​ | ​ | 32,078 | ​ |  | 34,779 | ​ | ​ | 32,919 | ​ |  | 36,968
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.33 | ​ | $ | 0.62 | ​ | $ | 1.11 | ​ | $ | 1.84
Diluted | ​ | $ | 0.32 | ​ | $ | 0.60 | ​ | $ | 1.07 | ​ | $ | 1.79
​ The Company irrevocably elected to settle the principal amount of its 0.625% convertible senior notes due 2025 (the “2025 Notes”) in cash and intended to settle any excess value in shares in the event of a conversion. In June 2023, the Company paid $535.0 million in cash and issued 0.9 million shares of common stock in connection with the conversions and redemptions of the 2025 Notes. For the three and nine months ended September 30, 2023 and October 1, 2022, approximately 0.0 million, 0.7 million, 0.4 million, and 0.7 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share (related to the not yet converted or redeemed 2025 Notes.) See Note 6, Debt, to the Condensed Consolidated Financial Statements for additional information.Securities that were anti-dilutive were insignificant and were excluded from the computation of diluted earnings per share in all periods presented.

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