NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

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,
	2023		2022
Numerator:
Net income - basic	$	57,426	$	171,476
Add: Convertible Notes interest expense, net of tax	1,543		1,543
Net income - diluted	$	58,969	$	173,019

Denominator:
Weighted average common shares outstanding - basic	5,718,745		6,018,881
Effect of dilutive equity-based compensation awards(1)	5,601		21,834
Effect of dilution from if-converted Convertible Notes(2)	404,248		404,248
Weighted average common shares outstanding - diluted	6,128,594		6,444,963

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)	25,313		16,319

(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.