Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of common stock equivalents excluded in the calculation of diluted earnings per share

In addition to the above described effect of the 2023 Notes and the related Convertible Note Hedge and Warrant Transactions, the Company also excluded the common stock equivalents of the following outstanding stock-based awards in the calculation of diluted EPS, because their inclusion would be anti-dilutive:

	Three Months ended March 31,
	2022	2021
	(unaudited)
Stock options, RSUs	1,067,231	1,419,203

As mentioned in Note 1, as a result of the adoption of ASU 06-2020 on January 1, 2022 the Company calculated diluted earnings per share using the if-converted method. The 6.8 million in dilutive shares associated with the conversion of the 2023 Notes are included in diluted weighted average shares of common stock outstanding for the purposes of calculating diluted earnings per share for the three months ended March 31, 2022. For the three months ended March 31, 2021, the Company calculated diluted earnings per share using the treasury stock method wherein the shares associated with the conversion of the 2023 Notes were excluded as the Company assumed the 2023 Notes would be settled entirely or partly in cash.

Schedule of computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted net earnings per share for the three months ended March 31, 2022 under the if-converted method and for the three months ended March 31, 2021 under the treasury stock method (dollars in thousands, except share and per share amounts):

	Three Months ended March 31,
	2022		2021
	(unaudited)
Numerator:
Net earnings	$	25,616	$	5,694
After-tax interest expense for 2023 Notes	887		—
Numerator for dilutive earnings per share	$	26,503	$	5,694
Denominator:
Weighted average shares outstanding, basic	53,330,837		52,927,467
Effect of dilutive securities:
Stock options, RSUs and SARs	1,291,782		1,269,504
Convertible notes	6,783,936		—
Weighted average shares outstanding, diluted	61,406,555		54,196,971
Earnings per share, basic	$	0.48	$	0.11
Earnings per share, diluted	$	0.43	$	0.11