Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 earnings (loss) per share, because their inclusion would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
	(unaudited)		(unaudited)

2023 Notes	—	6,783,936	2,261,312	—

Stock options, RSUs, PSUs	411,506	792,904	486,080	470,822

Schedule of computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022 under the if-converted method (dollars in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(unaudited)				(unaudited)
Numerator:
Net earnings (loss)	$	(15,976)	$	1,749	$	141	$	35,230
After-tax interest expense for 2023 Notes	—		—		—		2,664
Numerator for dilutive earnings (loss) per share	$	(15,976)	$	1,749	$	141	$	37,894
Denominator:
Weighted average shares outstanding, basic	54,608,963		53,789,674		54,498,687		53,517,838
Effect of dilutive securities:
Stock options, RSUs and SARs	—		1,245,164		1,076,235		1,241,347
Convertible notes	—		—		—		6,783,936
Weighted average shares outstanding, diluted	54,608,963		55,034,838		55,574,922		61,543,121

Earnings (loss) per share, basic	$	(0.29)	$	0.03	$	0.00	$	0.66
Earnings (loss) per share, diluted	$	(0.29)	$	0.03	$	0.00	$	0.62