Net Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net Earnings Per Share

Note 8. Net Earnings Per Share

For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net earnings per share (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income	$	11,553	$	9,963	$	3,102	$	43,307
Interest add back		—		—		—		2,433
Net income attributable to common stock holders	$	11,553	$	9,963	$	3,102	$	45,740
Denominator:
Weighted average common shares outstanding, basic		29,008		27,889		28,824		27,623
Dilutive effect of:
Stock plans		647		1,533		726		1,506
2021 Notes		—		—		—		2,589
Weighted average common shares outstanding, diluted		29,655		29,422		29,550		31,718
Net earnings per share — basic	$	0.40	$	0.36	$	0.11	$	1.57
Net earnings per share — diluted	$	0.39	$	0.34	$	0.10	$	1.44

Basic net earnings per share is calculated using our net income and our weighted average outstanding common shares.

Diluted net earnings per share is calculated using our net income attributable to common stockholders with interest charges applicable to our convertible debt added back under the if converted method, if dilutive, and our weighted average outstanding common shares including the dilutive effect of stock awards and employee stock purchase plan shares as determined under the treasury stock method and of our convertible notes using the if converted method, if dilutive. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards and the potential share settlement impact related to our convertible notes from the diluted loss per share calculation as their inclusion would have an antidilutive effect.

The following table presents the outstanding shares of our common stock equivalents excluded from the computation of diluted net earnings per share as of the dates presented because their effect would have been antidilutive (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
RSUs, MSUs and PSUs		470		114		904		737
Employee stock purchase plan shares		16		—		16		—
2021 Notes		2,589		2,589		2,589		—