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Earnings per Share (Tables)
9 Months Ended
Sep. 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 and shares associated with the conversion of the 2023 Notes in the calculation of diluted EPS, because their inclusion would be anti-dilutive:
Three Months Ended
September 30,
Nine Months Ended September 30,
2022202120222021
(unaudited)(unaudited)
2023 Notes6,783,936 — — — 
Stock options, RSUs, PSUs792,904 1,654,816 470,822 1,397,424 
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 not included in diluted weighted average shares of common stock outstanding for the purposes of calculating diluted earnings per share for the three months ended September 30, 2022 because their inclusion would be anti-dilutive. 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 nine months ended September 30, 2022. For the three and nine months ended September 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 nine months ended September 30, 2022 under the if-converted method and for the three and nine months ended September 30, 2021 under the treasury stock method (dollars in thousands, except share and per share amounts):
Three Months Ended
September 30,
Nine Months Ended September 30,
2022202120222021
(unaudited)(unaudited)
Numerator:
Net earnings $1,749 $21,562 $35,230 $50,982 
After-tax interest expense for 2023 Notes— — 2,664 — 
Numerator for dilutive earnings per share$1,749 $21,562 $37,894 $50,982 
Denominator:
Weighted average shares outstanding, basic53,789,674 53,187,764 53,517,838 53,053,441 
Effect of dilutive securities:
Stock options, RSUs and SARs1,245,164 1,147,030 1,241,347 1,248,020 
Convertible notes— — 6,783,936 — 
Weighted average shares outstanding, diluted55,034,838 54,334,794 61,543,121 54,301,461 
Earnings per share, basic$0.03 $0.41 $0.66 $0.96 
Earnings per share, diluted$0.03 $0.40 $0.62 $0.94