XML 43 R33.htm IDEA: XBRL DOCUMENT v3.22.2
Earnings per Share (Tables)
6 Months Ended
Jun. 30, 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
June 30,
Six Months Ended
June 30,
2022202120222021
(unaudited)(unaudited)
Stock options, RSUs, PSUs283,299 1,157,397 556,565 1,313,316 

As mentioned in Note 2, as a result of the adoption of ASU 2020-06 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 and six months ended June 30, 2022. For the three and six months ended June 30, 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 and six months ended June 30, 2022 under the if-converted method and for the three and six months ended June 30, 2021 under the treasury stock method (dollars in thousands, except share and per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
(unaudited)(unaudited)
Numerator:
Net earnings $7,865 $23,726 $33,481 $29,420 
After-tax interest expense for 2023 Notes888 — 1,775 — 
Numerator for dilutive earnings per share$8,753 $23,726 $35,256 $29,420 
Denominator:
Weighted average shares outstanding, basic53,426,163 53,005,344 53,378,319 52,985,472 
Effect of dilutive securities:
Stock options, RSUs and SARs1,187,060 1,718,802 1,239,439 1,616,061 
Convertible notes6,783,936 — 6,783,936 — 
Weighted average shares outstanding, diluted61,397,159 54,724,146 61,401,694 54,601,533 
Earnings per share, basic$0.15 $0.45 $0.63 $0.56 
Earnings per share, diluted$0.14 $0.43 $0.57 $0.54