Organization and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Organization and Summary of Significant Accounting Policies

Schedule of weighted average number of shares outstanding and earnings per share

The calculation of the weighted average number of shares outstanding and earnings per share are as follows (in thousands except per share data):

	Three Months Ended March 31,
	2024		2023
Numerator for basic and diluted earnings per share:
Net income	$	133,218	$	45,139
Denominator:
Weighted average shares outstanding		75,355		72,638
Dilutive effect of stock-based awards		1,243		1,242
Dilutive effect of 2027 Notes		534		—
Diluted weighted average shares outstanding		77,132		73,880
Net income per common share:
Basic	$	1.77	$	0.62
Diluted	$	1.73	$	0.61

Schedule of potentially dilutive securities excluded in calculation of diluted net income per share

Potentially dilutive securities that are not included in the calculation of diluted net income per share because doing so would be antidilutive are as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Stock-based awards		308		1,469
2027 Notes		2,483		3,017
2027 Warrants		3,017		3,017
Total potentially dilutive securities		5,808		7,503

Summary of changes in our estimated warranty reserve

Changes in our estimated product warranty liabilities were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Balance, beginning of period	$	7,374	$	811
Utilization of reserve		(2,207)		(438)
Warranty expense		1,119		2,928
Balance, end of period	$	6,286	$	3,301