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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. The number of shares used to calculate the diluted earnings per share is computed by using the basic weighted-average number of common shares outstanding plus any potentially dilutive common shares outstanding during the period, except when their effect is anti-dilutive. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible senior notes, if applicable. As announced in May 2021, the Company’s Board of Directors approved a $300.0 million share repurchase program. During the three and nine months ended September 30, 2025, the Company repurchased 243,174 and 951,098 shares of common stock for approximately $10.0 million and $35.0 million, respectively, under the share repurchase program. The Company did not make any repurchases under the share repurchase program during the three and nine months ended September 30, 2024. The Company’s practice is to retire the shares repurchased. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 74,660 |  |  | $ | 30,643 |  |  | $ | 180,177 |  |  | $ | 86,063 |
Shares: |  |  |  |  |  |  |
Total weighted-average basic shares outstanding | 23,222 |  |  | 23,912 |  |  | 23,534 |  |  | 23,859 |
Dilutive effect of stock-based awards | 220 |  |  | 89 |  |  | 154 |  |  | 103 |
Dilutive effect of convertible senior notes | 78 |  |  | 406 |  |  | 101 |  |  | 362 |
Total weighted-average dilutive shares outstanding | 23,520 |  |  | 24,407 |  |  | 23,789 |  |  | 24,324 |
Basic earnings per share | $ | 3.22 |  |  | $ | 1.28 |  |  | $ | 7.66 |  |  | $ | 3.61 |
Diluted earnings per share | $ | 3.17 |  |  | $ | 1.26 |  |  | $ | 7.57 |  |  | $ | 3.54 |

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