Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share Reconciliation [Abstract]

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


	Years Ended December 31,
	2021		2020		2019
Numerator for basic and diluted net income per common share:
Net income from continuing operations	$	401,395	$	28,660	$	40,893
Net income available to participating securities (1)	(326)		(120)		(379)
Net income available to the Company’s common shareholders from continuing operations	$	401,069	$	28,540	$	40,514
Denominator:
Weighted-average outstanding shares of common stock	45,893,928		46,308,825		47,647,397
Dilutive effect of:
Equity incentive plans	311,585		7,537		78,076
Convertible debt (2)	1,657,232		799,247		1,300,211
Common stock and common stock equivalents	47,862,745		47,115,609		49,025,684
Net income per share from continuing operations:
Basic	$	8.74	$	0.62	$	0.85
Diluted	$	8.38	$	0.61	$	0.83

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

(2)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 10 - Debt).

For the years ended December 31, 2021, 2020 and 2019, 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.