Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share Reconciliation [Abstract]

Components of Basic and Diluted 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).