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Income Per Common Share | 12 Months Ended
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Dec. 31, 2023
Income Per Common Share |
Income Per Common Share | Note 2 — Income (Loss) Per Share ​ Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income 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 non-participating 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 in the periods the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. Upon the adoption of ASU 2020-06 on January 1, 2022, 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 Company has the option for the 2025 and 2027 Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company must settle the principal amount of the 2029 Notes in cash, and has the option to settle any excess of the conversion value over the principal amount in any combination of cash or shares. As such, the Company only includes the excess shares that may be issuable above the principal amount of the 2029 Notes in the dilutive share count, if the effect would be dilutive. Prior to the adoption of ASU 2020-06, based on the Company’s ability and intent to settle the principal amount of its convertible senior notes in cash, and the excess of the principal portion in shares of its common stock, the Company accounted for the conversion spread using the treasury stock method, and the shares issuable upon conversion of the Notes were not included in the calculation of diluted earnings per share except to the extent that the conversion value of the Notes exceeds their principal amount and if the effect would be dilutive. ​ The computations of basic and diluted income (loss) per share for the years ended December 31, 2023, 2022, and 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the year ended December 31,
​ |  |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | (in thousands, except per share amounts)
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | ​ | $ | (30,368) | ​ | $ | 166,942 | ​ | $ | 26,038
Interest expense associated with convertible notes | ​ | ​ | ​ | — | ​ | ​ | 10,832 | ​ | ​ | —
Net income (loss) available to common shareholders | ​ | ​ | $ | (30,368) | ​ | $ | 177,774 | ​ | $ | 26,038
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average shares outstanding | ​ | ​ |  | 53,769 | ​ |  | 49,906 | ​ |  | 49,073
Effect of potentially dilutive share-based awards | ​ | ​ |  | — | ​ | ​ | 734 | ​ | ​ | 1,090
Dilutive effect of convertible notes | ​ | ​ |  | — | ​ |  | 14,967 | ​ |  | 3,480
Diluted weighted average shares outstanding | ​ | ​ |  | 53,769 | ​ |  | 65,607 | ​ |  | 53,643
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | $ | (0.56) | ​ | $ | 3.35 | ​ | $ | 0.53
Diluted | ​ | ​ | $ | (0.56) | ​ | $ | 2.71 | ​ | $ | 0.49
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested participating shares excluded from basic weighted average shares outstanding since the securityholders are not obligated to fund losses | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6
Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive | ​ | ​ | ​ | 850 | ​ | ​ | — | ​ | ​ | —
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive | ​ | ​ | ​ | 212 | ​ | ​ | 815 | ​ | ​ | 456
Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive | ​ | ​ | ​ | 7,319 | ​ | ​ | — | ​ | ​ | 8,421
​

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