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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

(5) STOCKHOLDERS' EQUITY

 

Earnings (Loss) Per Share

 

Basic earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase our common stock, assumed vesting of restricted stock and the assumed conversion of our convertible debt, if such conversion would be dilutive. 

 

The following table provides the computation of diluted earnings and diluted weighted average number of common shares outstanding:

  Three Months Ended
June 30,
Six Months Ended
June 30,
 
2022

2021

2022

2021
Computation of diluted earnings:


   Net income (loss)
 $
57,218
 $
8,635
$
65,515
$
(30
 )
   Add: Interest expense from assumed conversion of convertible notes, net of tax
1,098

—

2,113

—
      Net income (loss) for diluted earnings per share calculation
 $
58,316
$
8,635
$
67,628
$
(30
 )



Computation of diluted weighted average shares outstanding:


Basic weighted average shares outstanding
50,394,610

52,805,367

50,726,281

52,784,106
Incremental shares from assumed exercise of stock options and vesting of restricted stock
590,486

1,203,472

625,625

—
Incremental shares from assumed conversion of convertible debt
 2,781,818

—

2,781,818

—
Diluted weighted average shares outstanding
53,766,914

54,008,839

54,133,724

52,784,106

The table includes all stock options and restricted stock that are dilutive to our weighted average common shares outstanding during the period. The calculation of diluted earnings (loss) per share excludes stock options or shares of restricted stock that are anti-dilutive to our weighted average common shares outstanding of approximately 2,971,768 and 2,972,786 for the three and six months ended June 30, 2022 and 1,239,000 and 2,429,000 for the three and six months ended June 30, 2021, respectively. 

We issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019. Our Convertible Notes currently have a settlement feature requiring us upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of our common stock or a combination thereof, at our option. We have stated our intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium; however, after adopting ASU 2020-06, 2.8 million incremental shares assumed for conversion of convertible notes shall be included in the dilutive earnings per share calculation, if dilutive, regardless of whether the market price trigger has been met. Therefore, our Convertible Notes were included in the calculation of diluted earnings (loss) per share if their inclusion was dilutive. The dilutive effect increases the more the market price exceeds the conversion price of $188.73 per share. See Note 9, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes.

Share repurchases

On February 26, 2020, we put a repurchase program in place to repurchase up to $250 million in value, but not more than 5.0 million shares of common stock through February 28, 2022. On December 8, 2021, we put a repurchase program in place to repurchase up to $300 million in value, but not more than 5.0 million shares of common stock through December 8, 2023. Under the repurchase programs we repurchased $104.6 million and $175.0 million of stock, for the three and six months ended June 30, 2022, respectively. Repurchases under the current program may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. We recorded foreign currency translation losses of $88.3 million and $109.4 million for the three and six months ended June 30, 2022, respectively, and gain of $12.7 million and loss of $30.2 million for the same periods in 2021. There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and six months ended June 30, 2022 and 2021.