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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share |
Earnings Per Share | 5. Earnings Per Share ​ Basic earnings per share is calculated by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted earnings per share is computed by dividing the net income or loss 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, if-converted, or contingently issuable accounting methods, depending on the nature of the security. For purposes of the diluted earnings per share calculation, stock options, restricted stock units (“RSUs”), performance share units (“PSUs”), and shares potentially issuable in connection with the Company’s employee stock purchase plan and convertible senior notes are considered potentially dilutive securities and included to the extent that their addition is not antidilutive. ​ The following table presents the computations of basic and dilutive earnings per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | $ | 9,335 | ​ | $ | 20,634 | ​ | $ | 56,654 | ​ | $ | 16,215
Adjustment for interest expense recognized on convertible senior notes | ​ | 1,416 | ​ | ​ | 1,645 | ​ | ​ | 4,358 | ​ | ​ | —
Net income - diluted | $ | 10,751 | ​ | $ | 22,279 | ​ | $ | 61,012 | ​ | $ | 16,215
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares outstanding — basic | ​ | 32,259,468 |  | ​ | 33,744,209 | ​ | ​ | 32,339,401 |  | ​ | 34,226,488
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options | ​ | 327,605 | ​ | ​ | 222,355 | ​ | ​ | 395,759 | ​ | ​ | 263,513
Restricted stock units | ​ | 969,888 | ​ | ​ | 583,153 | ​ | ​ | 1,059,018 | ​ | ​ | 659,153
Performance share units | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Convertible senior notes | ​ | 6,606,305 | ​ | ​ | 7,509,104 | ​ | ​ | 6,606,305 | ​ | ​ | —
Weighted average shares outstanding — diluted | ​ | 40,163,266 | ​ | ​ | 42,058,821 | ​ | ​ | 40,400,483 | ​ | ​ | 35,149,154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share — basic | $ | 0.29 | ​ | $ | 0.61 | ​ | $ | 1.75 | ​ | $ | 0.47
Earnings per share — diluted | $ | 0.27 | ​ | $ | 0.53 | ​ | $ | 1.51 | ​ | $ | 0.46
​ The following table presents dilutive securities excluded from the calculation of diluted earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options | — | ​ | 749,443 | ​ | — | ​ | 395,405
Restricted stock units | 231,644 | ​ | 979,200 | ​ | 236,794 | ​ | 977,250
Performance share units | 223,680 | ​ | 503,880 | ​ | 223,680 | ​ | 503,880
Employee stock purchase plan | 19,108 | ​ | 19,094 | ​ | 19,108 | ​ | 19,094
Convertible senior notes | — | ​ | — | ​ | — | ​ | 7,509,104
​ For PSUs, these securities were excluded from the calculation of diluted earnings per share as the market-based vesting conditions were not met as of the end of the reporting period. All other securities presented in the table above were excluded from the calculation of diluted earnings per share as their inclusion would have had an antidilutive effect.

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