EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):


	Three Months Ended March 31,
		2024		2023
Numerator:
Net Income, basic		$	88,662	$	50,852
Add: Interest expense, net of tax, on the Company's convertible debt		2,769		937
Net Income, diluted		$	91,431	$	51,789
Denominator:
Weighted-average common shares outstanding, basic		188,866		186,667
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans		2,061		3,726
Common stock issuable under the Company’s convertible debt(1)		8,335		3,970
Weighted-average common shares outstanding, diluted		199,262		194,363
Earnings per common share, basic		$	0.47	$	0.27
Earnings per common share, diluted		$	0.46	$	0.27

Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share

In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):


	Three Months Ended March 31,
		2024	2023
Common stock issuable under the Company's equity incentive plans		10,947	8,610
Common stock issuable under the Company’s convertible debt (1)		—	4,365
Total number of potentially issuable shares		10,947	12,975

(1) If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. For additional discussion of the Company’s convertible debt, see Note 6 - Debt.