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NET INCOME PER COMMON SHARE | 3 Months Ended
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Mar. 31, 2025
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, |  |
| 2025 |  | 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income - basic | $ | 2,607 |  |  | $ | 37,350 |  |  |  |  |
Add: Convertible Notes interest expense, net of tax(1) | — |  |  | 1,551 |  |  |  |  |
Net income - diluted | $ | 2,607 |  |  | $ | 38,901 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 5,633,810 |  | 5,618,745 |  |  |  |
Effect of dilutive equity-based compensation awards(2) | 10,956 |  | 3,469 |  |  |  |
Effect of dilution from if-converted Convertible Notes(1) (3) | — |  |  | 404,248 |  |  |  |
Weighted average common shares outstanding - diluted | 5,644,766 |  | 6,026,462 |  |  |  |
Net Income per Common Share: |  |  |  |  |  |  |
Basic | $ | 0.46 |  |  | $ | 6.65 |  |  |  |  |
Diluted | $ | 0.46 |  |  | $ | 6.46 |  |  |  |  |
Supplemental Net Income per Common Share Disclosure: |  |  |  |  |  |
Anti-dilutive shares from equity-based compensation awards(2) | 132,210 |  | 64,541 |  |  |  |
(1)The effect of the Convertible Notes on diluted earnings per share for the three months ended March 31, 2025 was anti-dilutive, and has thus been excluded from the computation. (2)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. (3)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding for the three months ended March 31, 2024. During the first quarter of 2025, the Company identified an immaterial error in its diluted earnings per share calculation for the year ended December 31, 2024. The if-converted method for the Convertible Notes was incorrectly applied during the period, as its effect was anti-dilutive. Diluted earnings per share for the year ended December 31, 2024 should have been $2.57 instead of the $3.43 reported. The Company plans to revise the disclosure in its Annual Report on Form 10-K for the year ending December 31, 2025. No other periods were impacted.

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