Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Net income (loss)	$	326,661	$	28,067	$	(71,279)

Basic weighted-average common shares outstanding	68,266		68,487		67,486
Effect of dilutive stock options	346		439		—

Effect of dilutive restricted stock	1,428		1,745		—
Effect of convertible debt instrument	199		—		—
Diluted weighted-average common shares outstanding	70,239		70,671		67,486

Basic income (loss) per common share	$	4.79	$	0.41	$	(1.06)
Diluted income (loss) per common share	$	4.65	$	0.40	$	(1.06)

Antidilutive securities excluded from diluted net income (loss) per common share	421		358		2,893

Impact of the Convertible Notes

The Company considered whether the notes are participating securities through the two-class method. The Company determined that if a cash dividend is paid that is greater than the then 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 earning exceeds the current share price, regardless of whether such dividend is declared. During the year ended December 31, 2023, 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 will have 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.