Net Earnings Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per share ("EPS") is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying the Convertible Notes and the warrants relating to the Call Spread Transactions, as applicable. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net earnings	$	58,208	$	60,247	$	212,679	$	190,701
Denominator:
Weighted average shares used to compute basic EPS	32,216		32,574		32,459		33,127
Dilutive potential common shares due to dilutive RSUs, net of tax effect	300		278		308		275
Dilutive potential common shares due to the Convertible Notes	3,258		2,774		3,269		2,533
Dilutive potential common shares due to the Warrants	2,557		1,577		2,409		1,214
Weighted average shares used to compute diluted EPS	38,331		37,203		38,445		37,149
Net earnings per share:
Basic	$	1.81	$	1.85	$	6.55	$	5.76
Diluted	$	1.52	$	1.62	$	5.53	$	5.13

For the three and nine months ended September 30, 2024, 500 and 10,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2023, 65,000 and 72,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.