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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract] |
Earnings Per Share | Earnings Per Share The components of basic and diluted earnings (loss) per share are as follows (in thousands, except share and per share data):
| Three months ended March 31,
| 2024 |  | 2023
Numerator for basic and diluted net income (loss) per common share: |  |  |  |  |  |
Net income (loss) | $ | 10,627 |  |  |  |  | $ | (7,627) |  |  |
Plus: 1.75% Convertible Notes interest expense (after-tax) | — |  |  |  |  | — |  |  |
Net income (loss) available to the Company’s common shareholders | $ | 10,627 |  |  |  |  | $ | (7,627) |  |  |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 45,860,033 |  |  |  |  | 46,987,249 |  |  |
Diluted effect of: |  |  |  |  |  |  |
Equity incentive plans | 95,332 |  |  |  |  | — |  |  |
Convertible debt | — |  |  |  |  | — |  |  |
Diluted weighted-average outstanding shares of common stock | 45,955,365 |  |  |  |  | 46,987,249 |  |  |
Net income (loss) per share: |  |  |  |  |  |  |
Basic | $ | 0.23 |  |  |  |  | $ | (0.16) |  |  |
Diluted | $ | 0.23 |  |  |  |  | $ | (0.16) |  |  |
For the three months ended March 31, 2024 and 2023, there were 846,160 and 1,830,097 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive primarily due to the average stock price during the 2024 period and the net loss during the 2023 period. During each of the three months ended March 31, 2024 and 2023, 5,158,071, shares related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation of the convertible debt instrument.

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