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Net Income Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income Per Common Share Net Income Per Common Share
A summary of net income per common share is presented below:
 Year Ended December 31,
(in thousands, except per share amounts)202420232022
Net income$312,442 $326,661 $28,067 
Basic weighted-average common shares outstanding69,199 68,266 68,487 
Effect of dilutive stock options277 346 439 
Effect of dilutive restricted stock1,433 1,428 1,745 
Effect of convertible debt instrument742 199 — 
Diluted weighted-average common shares outstanding71,651 70,239 70,671 
Basic income per common share$4.52 $4.79 $0.41 
Diluted income per common share$4.36 $4.65 $0.40 
Antidilutive securities excluded from diluted net income per common share891 421 358 
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 governing the Notes’, 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, 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 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. See Note 12, “Long-Term Debt, Net, and Other Borrowings,” to these consolidated financial statements for further discussion on the Notes.