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Income Per Common Share

3 Months Ended

Mar. 31, 2023

Income Per Common Share

Income Per Common Share

Note 2 — Income Per Common Share

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Basic income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income available to common shareholders by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share if the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. Finally, the Company includes the dilutive effect of shares issuable upon conversion of its Notes in the calculation of diluted income per share using the if-converted method. The computations of basic and diluted income per share for the three months ended March 31, 2023 and 2022 are as follows:

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​	​	​	​	​	​	​	​	​
​	​	Three months ended March 31,					​	​
​		2023			2022
​	​	(in thousands, except per share amounts)						​
Numerator:	​	​	​	​	​	​	​	​
Net income	​	$	8,741	​	$	13,330	​	​
Interest expense associated with convertible notes	​	​	1,277	​	​	2,544	​	​
Net income available to common shareholders	​	$	10,018	​	$	15,874	​	​
​	​	​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​		50,559	​		49,614	​	​
Effect of potentially dilutive share-based awards	​	​	355	​	​	1,208	​	​
Dilutive effect of convertible notes	​		8,942	​		14,463	​	​
Diluted weighted average shares outstanding	​		59,856	​		65,285	​	​
​	​	​	​	​	​	​	​	​
Net income per common share:	​	​	​	​	​	​	​	​
Basic	​	$	0.17	​	$	0.27	​	​
Diluted	​	$	0.17	​	$	0.24	​	​
​	​	​	​	​	​	​	​	​
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive	​	​	1,140	​	​	613	​	​
Maximum potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive	​	​	5,603	​	​	504	​	​

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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