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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income Per Common Share | 14. Net Income Per Common Share A summary of net income per common share is presented below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands, except per share amounts) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 27,771 |  |  | $ | 131,093 |  |  | $ | 179,471 |  |  | $ | 324,232 |
Basic weighted-average common shares outstanding |  |  | 67,230 |  |  |  | 69,464 |  |  |  | 68,132 |  |  |  | 69,193 |
Effect of dilutive stock options |  |  | 125 |  |  |  | 352 |  |  |  | 193 |  |  |  | 273 |
Effect of dilutive restricted stock |  |  | 308 |  |  |  | 1,580 |  |  |  | 612 |  |  |  | 1,309 |
Effect of convertible notes |  |  | — |  |  |  | 1,669 |  |  |  | 101 |  |  |  | 556 |
Diluted weighted-average common shares outstanding |  |  | 67,663 |  |  |  | 73,065 |  |  |  | 69,038 |  |  |  | 71,331 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.41 |  |  | $ | 1.89 |  |  | $ | 2.63 |  |  | $ | 4.69 |
Diluted |  | $ | 0.41 |  |  | $ | 1.79 |  |  | $ | 2.60 |  |  | $ | 4.55 |
Antidilutive securities excluded from diluted net income per common share |  |  | 1,862 |  |  |  | 144 |  |  |  | 1,623 |  |  |  | 855 |
Impact of the Convertible Notes The Company considered whether the Notes are participating securities through the two-class method. Per the terms of the Indenture, the Company determined that if a cash dividend is paid that is greater than the stock price, the holder of Notes will receive cash on an if-converted basis. While this feature is considered to be a participating right, basic earnings per share is only impacted if the Company’s earnings per share exceeds the current share price, regardless of whether such dividend is declared. During the three and nine months ended September 30, 2025 and 2024, no such dividend was declared. In addition, the Company is required to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the if-converted method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable, unless the application of the two-class method is dilutive. The conversion option has a dilutive impact on net income per share of Common Stock when the average price per share of the Company's common stock for a given period exceeds the conversion price of the Notes of $79.81 per share. See Note 12, “Long-Term Debt, Net, and Other Borrowings” for further discussion on the Notes.

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