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Earnings Per Share

6 Months Ended

Jun. 30, 2025

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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net income	$	11,983		$	19,606		$	14,400		$	47,319
Adjustment for interest expense recognized on convertible senior notes		1,482			1,477			2,960			2,942
Net income - diluted	$	13,465		$	21,083		$	17,360		$	50,261
Denominator:
Weighted-average shares outstanding — basic		31,810,612			32,433,025			31,802,222			32,379,807
Effect of dilutive securities:
Stock options		213,054			393,128			231,458			430,273
Restricted stock units		445,593			949,383			643,312			1,093,741
Employee stock purchase plan		139			1,853			—			817
Convertible senior notes		6,606,305			6,606,305			6,606,305			6,606,305
Weighted average shares outstanding — diluted		39,075,703			40,383,694			39,283,297			40,510,943

Earnings per share — basic	$	0.38		$	0.60		$	0.45		$	1.46
Earnings per share — diluted	$	0.34		$	0.52		$	0.44		$	1.24

The following table presents dilutive securities excluded from the calculation of diluted earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock options	130,344		—		130,344		—
Restricted stock units	666,052		5,150		224,465		6,200
Performance share units	313,642		223,680		313,642		223,680
Employee stock purchase plan	—		—		32,320		—

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.