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Earnings Per Share | 6 Months Ended
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Jun. 30, 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 June 30,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net income per common share: |  |  |  |  |  |
Net income | $ | 36,910 |  |  | $ | 36,910 |  |  | $ | 16,679 |  |  | $ | 16,679 |
Less: Net income available to participating securities (1) | — |  |  | — |  |  | (2) |  |  | (2) |
Plus: 1.75% Convertible Notes interest expense (after-tax) | — |  |  | 2,159 |  |  | — |  |  | — |
Net income available to the Company’s common shareholders | $ | 36,910 |  |  | $ | 39,069 |  |  | $ | 16,677 |  |  | $ | 16,677 |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 45,492,809 |  |  | 45,492,809 |  |  | 46,798,800 |  |  | 46,798,800 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | 14,232 |  |  | — |  |  | — |
Convertible debt | — |  |  | 5,158,071 |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 45,492,809 |  |  | 50,665,112 |  |  | 46,798,800 |  |  | 46,798,800 |
Net income per share: | $ | 0.81 |  |  | $ | 0.77 |  |  | $ | 0.36 |  |  | $ | 0.36 |
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
| Six months ended June 30,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net income per common share: |  |  |  |  |  |
Net income | $ | 47,537 |  |  | $ | 47,537 |  |  | $ | 9,052 |  |  | $ | 9,052 |
Less: Net income available to participating securities (1) | — |  |  | — |  |  | (2) |  |  | (2) |
Plus: 1.75% Convertible Notes interest expense (after-tax) | — |  |  | 4,317 |  |  | — |  |  | — |
Net income available to the Company’s common shareholders | $ | 47,537 |  |  | $ | 51,854 |  |  | $ | 9,050 |  |  | $ | 9,050 |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 45,676,726 |  |  | 45,676,726 |  |  | 46,892,504 |  |  | 46,892,504 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | 54,782 |  |  | — |  |  | — |
Convertible debt | — |  |  | 5,158,071 |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 45,676,726 |  |  | 50,889,579 |  |  | 46,892,504 |  |  | 46,892,504 |
Net income per share: | $ | 1.04 |  |  | $ | 1.02 |  |  | $ | 0.19 |  |  | $ | 0.19 |
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid). For the three months ended June 30, 2024 and 2023, there were 1,322,295 and 1,548,331 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 and 2023 periods. For the six months ended June 30, 2024 and 2023, there were 1,136,167 and 1,548,331 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 and 2023 periods. During each of the three and six months ended June 30, 2024, zero 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. For the three and six months ended June 30, 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 convertible debt instruments.

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