Note 11 - Earnings Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11 – Net Income (Loss) Per Share Attributable to Common Stockholders:

Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. For purpose of determining diluted earnings per common share, the treasury stock method is used for stock options, warrants, and RSUs, and the if-converted method is used for convertible instruments such as convertible debt as prescribed in FASB ASC Topic 260. In conjunction with the issuance of the $402.5 million Convertible Notes in March 2023, the Company used $66.2 million of the proceeds to purchase capped call instruments. In accordance with FASB ASC 260, antidilutive contracts, such as purchased put options and purchased call options are excluded from the computation of diluted net income (loss) per share. Accordingly, any potential impact resulting from capped call transaction is excluded from our computation of diluted net income (loss) per share. 

For the three months ended March 31, 2024, diluted net income per share attributable to common stockholders is calculated as follows:

	Three Months Ended
	March 31,
	2024
Net Income Attributable to Common Stockholders	$	18,602
Weighted Average Common Shares Outstanding, Basic		48,320
Service Period Stock Options		679
Restricted Stock Units		214
Performance Stock Options		836
Convertible Notes		—
Weighted Average Common Shares Outstanding, Diluted		50,049
Basic Net Income per Share	$	0.38
Diluted Net Income per Share	$	0.37

The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows (in thousands):

	Three Months Ended
	March 31,
	2023
Service Period Stock Options		1,267
Restricted Stock Units		405
Performance Stock Options		992
Convertible Notes		5,776
Total		8,440