Net Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 our previously outstanding 0.75% Convertible Senior Notes due 2025 (the "Convertible Notes") and the warrants (the "Warrants") relating to the Call Spread Transactions (as defined in Note 4), as applicable. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net earnings	$	7,514	$	67,027
Denominator:
Weighted average shares used to compute basic EPS	31,839		32,596
Dilutive potential common shares due to dilutive RSUs, net of tax effect	176		348
Dilutive potential common shares due to the Convertible Notes	1,731		3,228
Dilutive potential common shares due to the Warrants	937		2,263
Weighted average shares used to compute diluted EPS	34,683		38,435
Net earnings per share:
Basic	$	0.24	$	2.06
Diluted	$	0.22	$	1.74

For the three months ended March 31, 2025 and 2024, approximately 57,000 and 25,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in future periods.