Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

15. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income, the potential dilutive effects of stock options, stock appreciation rights, restricted stock units and warrants.

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator
Net income	$	87,943	$	(9,620)	$	132,959	$	11,883
Denominator
Net income per common share - basic	$	1.48	$	(0.17)	$	2.25	$	0.21
Net income per common share - diluted	$	1.44	$	(0.17)	$	2.18	$	0.20
Weighted average number of shares of common stock - basic		59,234,720		57,722,163		59,070,063		57,188,101
Weighted average number of shares of common stock - diluted		61,207,625		57,722,163		60,921,482		58,776,158

Securities outstanding that are included in the computation above, utilizing the treasury stock method are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options, SARs, and RSUs to purchase common stock		1,972,905		—		1,851,419		1,405,092
Warrants		—		—		—		182,965
Total		1,972,905		—		1,851,419		1,588,057

Potential common shares issuable that were excluded from the computation of diluted weighted-average shares outstanding excluded from the numerator, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options, SARs, and RSUs to purchase common stock		4,754,958		6,085,742		4,876,444		4,680,651