Earnings Per Share

3 Months Ended

Mar. 31, 2025

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,
	2025				2024
	Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net loss per common share:
Net income	$	24,239	$	24,239	$	10,627	$	10,627
Less: Net loss available to participating securities	—		—		—		—
Plus: Convertible Notes interest expense (after-tax)	—		582		—		—
Net income available to the Company’s common shareholders	$	24,239	$	24,821	$	10,627	$	10,627
Denominator:
Basic weighted-average outstanding shares of common stock	42,558,090		42,558,090		45,860,033		45,860,033
Dilutive effect of:
Equity incentive plans	—		210,588		—		95,332
Convertible debt	—		1,398,391		—		—
Diluted weighted-average outstanding shares of common stock	42,558,090		44,167,069		45,860,033		45,955,365

Net income per share	$	0.57	$	0.56	$	0.23	$	0.23

For the three months ended March 31, 2025 and 2024, there were 390,266 and 846,160 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the average stock price during the 2025 and 2024 periods. For the three months ended March 31, 2025 and 2024, 2,631,470 and 5,158,071 shares, respectively, 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.