Net Income Per Common Share

9 Months Ended

Sep. 30, 2025

14. Net Income Per Common Share

A summary of net income per common share is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	27,771	$	131,093	$	179,471	$	324,232

Basic weighted-average common shares outstanding		67,230		69,464		68,132		69,193
Effect of dilutive stock options		125		352		193		273
Effect of dilutive restricted stock		308		1,580		612		1,309
Effect of convertible notes		—		1,669		101		556
Diluted weighted-average common shares outstanding		67,663		73,065		69,038		71,331

Net income per common share:
Basic	$	0.41	$	1.89	$	2.63	$	4.69
Diluted	$	0.41	$	1.79	$	2.60	$	4.55

Antidilutive securities excluded from diluted net income per common share		1,862		144		1,623		855

Impact of the Convertible Notes

The Company considered whether the Notes are participating securities through the two-class method. Per the terms of the Indenture, the Company determined that if a cash dividend is paid that is greater than the stock price, the holder of Notes will receive cash on an if-converted basis. While this feature is considered to be a participating right, basic earnings per share is only impacted if the Company’s earnings per share exceeds the current share price, regardless of whether such dividend is declared. During the three and nine months ended September 30, 2025 and 2024, no such dividend was declared. In addition, the Company is required to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the if-converted method for calculating any potential dilutive effect of the conversion option on

diluted net income per share, if applicable, unless the application of the two-class method is dilutive. The conversion option has a dilutive impact on net income per share of Common Stock when the average price per share of the Company's common stock for a given period exceeds the conversion price of the Notes of $79.81 per share. See Note 12, “Long-Term Debt, Net, and Other Borrowings” for further discussion on the Notes.