Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share Reconciliation [Abstract]

The components of basic and diluted earnings per share from continuing operations are as follows (in thousands, except share and per share data):


	Year ended December 31,
	2023		2022		2021
Numerator for basic and diluted net income per common share:
Net income from continuing operations	$	41,503	$	65,466	$	401,395
Less: Net income available to participating securities (1)	(2)		(20)		(326)
Plus: 1.75% Convertible Notes interest expense (after-tax)	—		—		—
Net income available to the Company’s common shareholders from continuing operations	$	41,501	$	65,446	$	401,069
Denominator:
Basic weighted-average outstanding shares of common stock	46,400,941		46,954,558		45,893,928
Diluted effect of:
Equity incentive plans	63,320		71,291		311,585
Convertible debt(2)	—		—		1,657,232
Diluted weighted-average outstanding shares of common stock	46,464,261		47,025,849		47,862,745

Net income per share from continuing operations:
Basic	$	0.89	$	1.39	$	8.74
Diluted	$	0.89	$	1.39	$	8.38

Weighted-average shares excluded from diluted weighted-average shares outstanding:
Anti-dilutive stock options and restricted stock	629,807		—		—
Anti-dilutive convertible debt	5,158,071		5,158,071		—

(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

(2)Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible debt was calculated using the if-converted method for the years ended December 31, 2023 and 2022. The dilutive impact of convertible debt was calculated using the treasury stock method for the years ended December 31, 2021 (see Note 10 — Debt).