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Earnings Per Share | 9 Months Ended
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Sep. 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 September 30, | ​ | Nine Months Ended September 30,
​ | 2025 | ​ | 2024 |  | 2025 | ​ | 2024
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | $ | 31,507 | ​ | $ | 9,335 | ​ | $ | 45,907 | ​ | $ | 56,654
Adjustment for interest expense on convertible senior notes, net of tax | ​ | 1,562 | ​ | ​ | 1,416 | ​ | ​ | 4,521 | ​ | ​ | 4,358
Net income - diluted | $ | 33,069 | ​ | $ | 10,751 | ​ | $ | 50,428 | ​ | $ | 61,012
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares outstanding — basic | ​ | 31,571,410 |  | ​ | 32,259,468 | ​ | ​ | 31,724,439 |  | ​ | 32,339,401
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options | ​ | 234,972 | ​ | ​ | 327,605 | ​ | ​ | 234,830 | ​ | ​ | 395,759
Restricted stock units | ​ | 1,026,789 | ​ | ​ | 969,888 | ​ | ​ | 820,497 | ​ | ​ | 1,059,018
Employee stock purchase plan | ​ | 414 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Convertible senior notes | ​ | 6,606,305 | ​ | ​ | 6,606,305 | ​ | ​ | 6,606,305 | ​ | ​ | 6,606,305
Weighted average shares outstanding — diluted | ​ | 39,439,890 | ​ | ​ | 40,163,266 | ​ | ​ | 39,386,071 | ​ | ​ | 40,400,483
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share — basic | $ | 1.00 | ​ | $ | 0.29 | ​ | $ | 1.45 | ​ | $ | 1.75
Earnings per share — diluted | $ | 0.84 | ​ | $ | 0.27 | ​ | $ | 1.28 | ​ | $ | 1.51
​ 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,
​ | 2025 |  | 2024 |  | 2025 |  | 2024
Stock options | 130,344 | ​ | — | ​ | 130,344 | ​ | —
Restricted stock units | 14,381 | ​ | 231,644 | ​ | 17,431 | ​ | 236,794
Performance share units | 313,642 | ​ | 223,680 | ​ | 313,642 | ​ | 223,680
Employee stock purchase plan | — | ​ | 19,108 | ​ | 38,212 | ​ | 19,108
​ 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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