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Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 3. Earnings Per Share Basic and diluted earnings per share have been calculated using the weighted average number of common shares outstanding for the period. The shares of common stock effectively repurchased in connection with the Forward Transactions (as defined and described in Note 6, “Long-Term Debt and Other Liabilities”) were considered participating securities requiring the two-class method to calculate basic and diluted earnings per share. Net earnings were allocated between common shares and participating securities on a one-to-one basis. The calculation of weighted average shares outstanding as of March 31, 2022 excluded approximately 0.6 million shares associated with the Forward Transactions. As of March 31, 2023, there were no outstanding shares associated with the Forward Transactions. Refer to Note 6, “Long-Term Debt and Other Liabilities,” for further information. The diluted earnings per share calculations exclude the effect of stock options, deferred stock units, restricted stock units and convertible notes when the computation is anti-dilutive. For the three-month periods ended March 31, 2023 and 2022, the weighted average number of shares excluded from the computation was 0.6 million and 0.2 million, respectively. The following table sets forth the computation of basic and diluted earnings per share for the three-month periods ended March 31, 2023 and 2022; however, for the reasons and periods described above, the shares of common stock associated with the Forward Transactions were excluded from the computation of basic earnings per share (in thousands, except per share amounts):
| For the Three Months Ended March 31, |
| 2023 |  |  | 2022 |
| Income (Numerator) |  |  | Shares (Denominator) |  |  | Per Share Amount |  |  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per Share Amount |
Net income | $ | 20,449 |  |  |  |  |  |  |  |  | $ | 22,196 |  |  |  |  |  |  |
Less: participation rights on Forward Transactions |  | — |  |  |  |  |  |  |  |  |  | 113 |  |  |  |  |  |  |
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income | $ | 20,449 |  |  |  | 129,136 |  |  | $ | 0.16 |  |  | $ | 22,083 |  |  |  | 111,414 |  |  | $ | 0.20 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  | — |  |  |  | 4,466 |  |  |  |  |  |  | — |  |  |  | 5,550 |  |  |  |
2022 Convertible Notes |  | — |  |  |  | — |  |  |  |  |  |  | 1,819 |  |  |  | 17,131 |  |  |  |
Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income and assumed conversions | $ | 20,449 |  |  |  | 133,602 |  |  | $ | 0.15 |  |  | $ | 23,902 |  |  |  | 134,095 |  |  | $ | 0.18 |
Earnings per share - basic |  |  |  |  |  |  | $ | 0.16 |  |  |  |  |  |  |  |  | $ | 0.20 |
Earnings per share - diluted |  |  |  |  |  |  | $ | 0.15 |  |  |  |  |  |  |  |  | $ | 0.18 |

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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 + Details
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