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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per basic and diluted share are calculated under the treasury stock method. Basic net income per common share is calculated by dividing net income by the basic weighted-average common shares outstanding for the respective period. Diluted net income per common share is calculated by dividing net income by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities consist of unvested RSUs, DSUs, and PSUs, as well as outstanding in-the-money stock options and warrants. When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted earnings per share. As discussed in Note 7 - Stock-Based Compensation, PSUs represent the right to receive a number of shares of the Company’s common stock ranging from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%) of PSUs granted based on the performance achievement over the applicable performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such awards. The Company has also issued stock options and warrants, which both represent the right to purchase the Company’s common stock at a specified exercise price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options’ or warrants’ term. Stock options and warrants are only dilutive when the average price of the common stock during the period exceeds the exercise price. The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 139,672 |  |  | $ | 405,752 |  |  | $ | 481,420 |  |  | $ | 966,212 |
Basic net income per common share | $ | 1.57 |  |  | $ | 4.77 |  |  | $ | 5.75 |  |  | $ | 11.37 |
Diluted net income per common share | $ | 1.56 |  |  | $ | 4.74 |  |  | $ | 5.70 |  |  | $ | 11.30 |
Weighted-average shares outstanding - basic | 88,911 |  |  | 85,069 |  |  | 83,700 |  |  | 84,968 |
Add: dilutive effect of stock awards | 720 |  |  | 485 |  |  | 768 |  |  | 527 |
Weighted-average shares outstanding - diluted | 89,631 |  |  | 85,554 |  |  | 84,468 |  |  | 85,495 |
There were 10,103 and 109,519 shares that were anti-dilutive for the three months ended September 30, 2023 and 2022, respectively. There were 7,437 and 68,171 shares that were anti-dilutive for the nine months ended September 30, 2023 and 2022, respectively. The exercise price of the Company’s warrants was in excess of the Company’s stock price during the three and nine months ended September 30, 2023 and 2022; therefore, they were excluded from the earnings per share calculation.

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