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Income Per Common Share

12 Months Ended

Dec. 31, 2024

Income Per Common Share

Income Per Common Share

Note 2 — Income (Loss) Per Share

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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 (loss) 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. 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.

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The computations of basic and diluted income (loss) per share for the years ended December 31, 2024, 2023, and 2022 are as follows:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	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	​	​	—

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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
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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