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Earnings Per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share |
Earnings Per Share | 5. Earnings Per Share ​ Basic earnings per share is calculated by dividing the net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income by the weighted average number of shares of common stock, plus potentially dilutive securities outstanding for the period, as determined in accordance with the treasury stock or if-converted accounting method. Potentially dilutive securities outstanding include stock options, unvested restricted stock units, performance share units, warrants, and shares related to the convertible senior notes, but are only included to the extent that their addition is dilutive. ​ The following table presents the computations of basic and dilutive earnings per common share: ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended March 31,
​ | ​ | 2021 |  | ​ | 2020
Numerator: | ​ | ​ | ​ | ​ | ​
Net income | $ | 15,662 | ​ | $ | 450
Adjust for interest expense recognized on convertible senior notes: | ​ | 1,165 | ​ | ​ | —
Net income - diluted | $ | 16,827 | ​ | $ | 450
Denominator: | ​ | ​ | ​ | ​ | ​
Weighted-average shares outstanding — basic | ​ | 34,951,740 |  | ​ | 34,100,688
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​
Stock options | ​ | 663,921 | ​ | ​ | 553,197
Restricted stock units | ​ | 404,646 | ​ | ​ | 305,341
Performance share units | ​ | 5,201 | ​ | ​ | 8,141
Employee stock purchase plan | ​ | 9,693 | ​ | ​ | 29,681
Warrants | ​ | 199,757 | ​ | ​ | 72,645
Convertible senior notes | ​ | 4,925,134 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding — diluted | ​ | 41,160,092 | ​ | ​ | 35,069,693
​ | ​ | ​ | ​ | ​ | ​
Earnings per share — basic | $ | 0.45 | ​ | $ | 0.01
Earnings per share — diluted | $ | 0.41 | ​ | $ | 0.01
​ The Company has the option to settle the conversion obligation for its convertible senior notes due in 2026 in cash, shares or a combination of the two. Since the Company intends to settle the principal amount of the convertible senior notes in cash, the Company used the treasury stock method for determining the potential dilution in the diluted earnings per share computation for the three months ended March 31, 2020. Effective for the three months ended March 31, 2021, the Company uses the if-converted method for the convertible senior notes as a result of the adoption of ASU 2020-06, as described in Recent Adopted Accounting Pronouncements above. ​ The following table presents dilutive securities excluded from the calculation of diluted earnings per share due to their anti-dilutive effect: ​
​ | ​ | ​ | ​ | ​
​ |  | Three months ended March 31,
​ |  | 2021 |  | 2020
Stock options | ​ | 1,539,731 | ​ | 2,262,400
Restricted stock units | ​ | 671,854 | ​ | 57,834
Performance share units | ​ | 416,820 | ​ | 267,498
Convertible senior notes | ​ | — | ​ | 4,925,134
​ ​ For performance share units, these securities were excluded from the calculation of diluted earnings per share as the performance-based or market-based vesting conditions were not met as of the end of the reporting period. For all other securities, these securities were excluded from the calculation of diluted earnings per share as their inclusion would have had an anti-dilutive effect.

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