Earnings Per Share

9 Months Ended

Sep. 30, 2021

The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):


	Three Months Ended September 30,			Nine Months Ended September 30,
		2021		2020		2021		2020
Numerator for basic and diluted net income per common share:
Net income		$	42,569	$	60,883	$	136,209	$	92,580
Net income available to participating securities (a)		(28)		(89)		(143)		(477)
Net income available to the Company’s common shareholders		$	42,541	$	60,794	$	136,066	$	92,103
Denominator:
Weighted-average outstanding shares of common stock		46,738,073		46,279,515		45,258,819		46,914,750
Dilutive effect of:
Equity incentive plans		332,532		29,557		272,178		23,211
Convertible debt (b)		1,511,980		—		2,034,065		682,347
Common stock and common stock equivalents		48,582,585		46,309,072		47,565,062		47,620,308
Net income per share:
Basic		$	0.91	$	1.31	$	3.01	$	1.96
Diluted		$	0.88	$	1.31	$	2.86	$	1.93

(a)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

(b)Represents the incremental shares issuable upon conversion of the 3.25% Convertible Notes due June 15, 2029 (subsequently redeemed in full) and 1.75% Convertible Notes due November 1, 2026 by applying the treasury stock method when the average stock price exceeds the conversion price of the Convertible Notes (see Note 9 - Debt).

For the three months ended September 30, 2021 and 2020, there were zero and 423,000 options outstanding, respectively, and for the nine months ended September 30, 2021 and 2020, there were zero options outstanding, respectively, which were excluded from the computation of diluted earnings per share because the exercise prices were greater than the average market price of the common stock.