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NET INCOME PER COMMON SHARE
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE NET INCOME PER COMMON SHARE
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes, calculated using the if-converted method.
The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):
Three Months Ended
March 31,
20232022
Numerator:
Net income - basic$57,426 $171,476 
Add: Convertible Notes interest expense, net of tax1,543 1,543 
Net income - diluted$58,969 $173,019 
Denominator:
Weighted average common shares outstanding - basic5,718,7456,018,881
Effect of dilutive equity-based compensation awards(1)
5,60121,834
Effect of dilution from if-converted Convertible Notes(2)
404,248404,248
Weighted average common shares outstanding - diluted6,128,5946,444,963
Net Income per Common Share:
Basic$10.04 $28.49 
Diluted$9.62 $26.85 
Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(1)
25,31316,319
(1)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.
(2)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding during all periods presented.