Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share Reconciliation [Abstract]

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.