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Income Per Common Share | 6 Months Ended
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Jun. 30, 2024
Income Per Common Share |
Income Per Common Share | Note 2 — Income Per Common Share ​ 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 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. ​ The computations of basic and diluted income per share for the three and six months ended June 30, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | (in thousands, except per share amounts) | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 14,944 | ​ | $ | (85,320) | ​ | $ | 36,798 | ​ | $ | (76,579) | ​
Interest expense associated with convertible notes | ​ | ​ | 512 | ​ | ​ | — | ​ | ​ | 1,026 | ​ | ​ | — | ​
Net income (loss) available to common shareholders | ​ | $ | 15,456 | ​ | $ | (85,320) | ​ | $ | 37,824 | ​ | $ | (76,579) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average shares outstanding | ​ |  | 56,277 | ​ |  | 52,861 | ​ |  | 56,160 | ​ |  | 51,764 | ​
Effect of potentially dilutive share-based awards | ​ | ​ | 1,316 | ​ | ​ | — | ​ | ​ | 1,118 | ​ | ​ | — | ​
Dilutive effect of convertible notes | ​ |  | 4,942 | ​ |  | — | ​ |  | 4,455 | ​ |  | — | ​
Diluted weighted average shares outstanding | ​ |  | 62,535 | ​ |  | 52,861 | ​ |  | 61,733 | ​ |  | 51,764 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.27 | ​ | $ | (1.61) | ​ | $ | 0.66 | ​ | $ | (1.48) | ​
Diluted | ​ | $ | 0.25 | ​ | $ | (1.61) | ​ | $ | 0.61 | ​ | $ | (1.48) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive | ​ | ​ | N/A | ​ | ​ | 838 | ​ | ​ | N/A | ​ | ​ | 674 | ​
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive | ​ | ​ | 226 | ​ | ​ | 743 | ​ | ​ | 26 | ​ | ​ | 763 | ​
Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive | ​ | ​ | N/A | ​ | ​ | 8,868 | ​ | ​ | N/A | ​ | ​ | 11,722 | ​
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