Net Income per Common Share

6 Months Ended

Jun. 30, 2023

For the three and six months ended June 30, 2023 and 2022, Net income is equal to Net income available to common shareholders.

For the three and six months ended June 30, 2023 and 2022, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net income per share. Additionally, the Company determined that as it relates to the Convertible Bond Debt, it does not overcome the presumption of share settlement, and therefore, the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net income per share, unless the impact of such potential shares is anti-dilutive.

The following table presents Basic and Diluted net income per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended				Six Months Ended
(In thousands, except share and per share data)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net income	$	18,026	$	94,453	$	21,228	$	147,527

Weighted Average Shares - Basic	12,734,230		12,988,200		12,892,793		12,981,202
Effect of dilutive securities:
Convertible Bond Debt	3,242,286		3,254,971		3,242,286		3,254,971
Stock awards and options	82,090		133,346		88,762		137,285
Dilutive potential common shares	3,324,376		3,388,317		3,331,048		3,392,256

Weighted Average Shares - Diluted	16,058,606		16,376,517		16,223,841		16,373,458

Basic net income per share	$	1.42	$	7.27	$	1.65	$	11.36
Diluted net income per share	$	1.21	$	5.77	$	1.48	$	9.01

The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income per share for the three and six months ended June 30, 2023 and 2022 because to do so would have been anti-dilutive:

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Stock awards and options

94,942

17,661

55,572

17,661