For the year ended December 31,

2023

2022

2021

(in thousands, except per share amounts)

Numerator:

Net income (loss)

$

(30,368)

$

166,942

$

26,038

Interest expense associated with convertible notes

—

10,832

—

Net income (loss) available to common shareholders

$

(30,368)

$

177,774

$

26,038

Denominator:

Basic weighted average shares outstanding

53,769

49,906

49,073

Effect of potentially dilutive share-based awards

—

734

1,090

Dilutive effect of convertible notes

—

14,967

3,480

Diluted weighted average shares outstanding

53,769

65,607

53,643

Net income per common share:

Basic

$

(0.56)

$

3.35

$

0.53

Diluted

$

(0.56)

$

2.71

$

0.49

Unvested participating shares excluded from basic weighted average shares outstanding since the securityholders are not obligated to fund losses

—

6

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive

850

—

Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive

212

815

456

Potential shares to be issued for settlement of the convertible notes excluded from the diluted calculation as their effect would be antidilutive

7,319

—

8,421