For the year ended December 31,

2024

2023

2022

(in thousands, except per share amounts)

Numerator:

Net income (loss)

$

73,714

$

(30,368)

$

166,942

Interest expense associated with convertible notes

2,054

—

10,832

Net income (loss) available to common shareholders

$

75,768

$

(30,368)

$

177,774

Denominator:

Basic weighted average shares outstanding

56,426

53,769

49,906

Effect of potentially dilutive share-based awards

1,010

—

734

Dilutive effect of convertible notes

4,160

—

14,967

Diluted weighted average shares outstanding

61,596

53,769

65,607

Net income (loss) per common share:

Basic

$

1.31

$

(0.56)

$

3.35

Diluted

$

1.23

$

(0.56)

$

2.71

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

111

212

815

Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive

—

7,319

—