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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic and Diluted Earnings Per Share The components of basic and diluted earnings per share are as follows (in thousands, except share and per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Numerator: | 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 35,100 |  |  | $ | 36,456 |  |  | $ | 97,029 |  |  | $ | 92,380 |
Net loss attributable to redeemable noncontrolling interests | 238 |  |  | 226 |  |  | 811 |  |  | 1,408 |
Net income attributable to common stockholders - basic (A) | 35,338 |  |  | 36,682 |  |  | 97,840 |  |  | 93,788 |
Add back total interest expense, net of tax, attributable to convertible senior notes | 2,944 |  |  | 3,234 |  |  | 9,438 |  |  | 5,301 |
Net income attributable to common stockholders - diluted (B) | $ | 38,282 |  |  | $ | 39,916 |  |  | $ | 107,278 |  |  | $ | 99,089 |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding — basic (C) | 49,896,117 |  |  | 49,282,514 |  |  | 49,788,187 |  |  | 49,691,263 |
Dilutive effect of convertible senior notes, stock options and restricted stock units | 8,564,986 |  |  | 10,498,394 |  |  | 9,841,983 |  |  | 7,520,740 |
Weighted average common shares outstanding — diluted (D) | 58,461,103 |  |  | 59,780,908 |  |  | 59,630,170 |  |  | 57,212,003 |
Net income attributable to common stockholders per share: |  |  |  |  |  |  |
Basic (A/C) | $ | 0.71 |  |  | $ | 0.74 |  |  | $ | 1.97 |  |  | $ | 1.89 |
Diluted (B/D) | $ | 0.65 |  |  | $ | 0.67 |  |  | $ | 1.80 |  |  | $ | 1.73 |
The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options | 684,352 |  |  | 590,084 |  |  | 682,485 |  |  | 474,274 |
Restricted stock units | 121,502 |  |  | 7,100 |  |  | 121,502 |  |  | 1,700 |
Our redeemable noncontrolling interests relate to our 86% equity ownership interest in OpenEye, our 87% equity ownership interest in Noonlight and our 81% equity ownership interest in CHeKT. See Note 6 for details on the put option and call option contained in the CHeKT stockholder agreement. We use the treasury stock method when calculating the dilutive impact of the stock options and restricted stock units on net income per share. We use the if-converted method when calculating the dilutive impact of the 2026 Notes and 2029 Notes on net income per share. On or after August 15, 2025, we must pay cash to satisfy the principal portion of our conversion obligation and must deliver shares to satisfy any excess conversion value. As a result, we included 1,661,552 and 2,812,127 shares related to the 2026 Notes within the weighted average shares outstanding when calculating the diluted net income per share for the three and nine months ended September 30, 2025. We included 3,396,950 shares related to the 2026 Notes within the weighted average shares outstanding when calculating the diluted net income per share for each of the three and nine months ended September 30, 2024. We included 5,728,550 shares related to the 2029 Notes within the weighted average shares outstanding when calculating the diluted net income per share for the three and nine months ended September 30, 2025, as compared to 5,728,550 and 2,571,575 shares during the same periods in the prior year. Additionally, we included $2.9 million and $9.4 million of interest expense and debt issuance cost amortization, net of tax, within the numerator of the diluted net income per share for the three and nine months ended September 30, 2025, respectively, as compared to $3.2 million and $5.3 million for the same periods in the prior year. The denominator for diluted net income per share does not include any effect from the capped call transactions we entered into concurrently with the issuance of the 2029 Notes, as this effect would be anti-dilutive. In the event of conversion of the 2029 Notes, shares delivered to us under the capped call will offset the dilutive effect of the shares that we would issue under the 2029 Notes. See Note 13 for further details on our 2029 Notes and the related capped call transactions.

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