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Earnings Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):
| Three months ended June 30,
| 2025 |  | 2024
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net income | $ | 26,343 |  |  | $ | 26,343 |  |  | $ | 36,910 |  |  | $ | 36,910 |
Less: Net loss available to participating securities | — |  |  | — |  |  | — |  |  | — |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | 583 |  |  | — |  |  | 2,159 |
Net income available to the Company’s common shareholders | $ | 26,343 |  |  | $ | 26,926 |  |  | $ | 36,910 |  |  | $ | 39,069 |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 41,732,800 |  |  | 41,732,800 |  |  | 45,492,809 |  |  | 45,492,809 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | 17,313 |  |  | — |  |  | 14,232 |
Convertible debt | — |  |  | 1,398,391 |  |  | — |  |  | 5,158,071 |
Diluted weighted-average outstanding shares of common stock | 41,732,800 |  |  | 43,148,504 |  |  | 45,492,809 |  |  | 50,665,112 |
Net income per share | $ | 0.63 |  |  | $ | 0.62 |  |  | $ | 0.81 |  |  | $ | 0.77 |
| Six months ended June 30,
| 2025 |  | 2024
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net income | $ | 50,582 |  |  | $ | 50,582 |  |  | $ | 47,537 |  |  | $ | 47,537 |
Less: Net loss available to participating securities | — |  |  | — |  |  | — |  |  | — |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | 1,164 |  |  | — |  |  | 4,317 |
Net income available to the Company’s common shareholders | $ | 50,582 |  |  | $ | 51,746 |  |  | $ | 47,537 |  |  | $ | 51,854 |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 42,143,165 |  |  | 42,143,165 |  |  | 45,676,726 |  |  | 45,676,726 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | 113,951 |  |  | — |  |  | 54,782 |
Convertible debt | — |  |  | 1,398,391 |  |  | — |  |  | 5,158,071 |
Diluted weighted-average outstanding shares of common stock | 42,143,165 |  |  | 43,655,507 |  |  | 45,676,726 |  |  | 50,889,579 |
Net income per share | $ | 1.20 |  |  | $ | 1.19 |  |  | $ | 1.04 |  |  | $ | 1.02 |
For the three months ended June 30, 2025 and 2024, there were 1,484,631 and 1,322,295 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 six months ended June 30, 2025 and 2024, there were 851,748 and 1,136,167 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 June 30, 2025 and 2024, 2,631,470 and zero 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. For the six months ended June 30, 2025 and 2024, 2,631,470 and zero 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.

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