Earnings Per Share

3 Months Ended

Mar. 31, 2022

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


	Three Months Ended March 31,
		2022				2021
		Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net income per common share:
Net income from continuing operations		$	24,537	$	24,537	$	38,780	$	38,780
Net income available to participating securities (1)		(11)		(11)		(44)		(44)
1.75% Convertible Notes interest expense (after-tax) (2)		—		2,186		—		—
Net income available to the Company’s common shareholders from continuing operations		24,526		26,712		38,736		38,736
Denominator:
Weighted-average outstanding shares of common stock		47,054,411		47,054,411		44,399,149		44,399,149
Dilutive effect of:
Equity incentive plans		—		192,835		—		108,703
Convertible debt (2)		—		5,158,071		—		2,224,020
Common stock and common stock equivalents		47,054,411		52,405,317		44,399,149		46,731,872
Net income per share from continuing operations:		$	0.52	$	0.51	$	0.87	$	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)Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible debt was calculated using the if-converted method for the three months ended March 31, 2022. The dilutive impact of convertible debt was calculated using the treasury stock method for the three months ended March 31, 2021. (see Note 8 - Debt).

For the three months ended March 31, 2022 and 2021, 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. For the three months ended March 31, 2022 and 2021, there were zero and zero potentially dilutive shares, respectively, which were excluded from the computation of diluted net income per share of common stock to common stockholders due to their anti-dilutive effect.