Net Income Per Share

3 Months Ended

Mar. 31, 2022

NET INCOME PER SHARE

Basic net income per share is presented in conformity with the two-class method required for participating securities, which include restricted stock units ("RSUs").

Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to Common Stock and the participating securities. The Company calculates the effects of participating securities on diluted earnings per share ("EPS") using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of stock appreciation rights on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS.

The following table presents the calculation of diluted net income per share available to common stockholders:


	Three months ended March 31, 2022		Three months ended March 31, 2021
















Net income available to the Company's common stockholders - Basic	$	12,392	$	38,583
Plus (less): effect of participating securities	85		639
Net income available to common stockholders	12,477		39,222
Less: effect of participating securities	(85)		(639)
Net income available to the Company's common stockholders - Diluted	$	12,392	$	38,583

Shares:
Weighted-average shares used to compute basic net income per share	50,338,496		40,425,593
Adjustment to reflect conversion of convertible notes	—		2,640,938


Adjustment to reflect stock appreciation right conversions	220,402		595,037
Weighted-average shares used to compute diluted net income per share	50,558,898		43,661,568

Net income per share available to common stockholders - Diluted


Diluted net income	$	0.25	$	0.88