Net Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2022

Net Earnings Per Share (“EPS”)Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”)

and certain shares underlying the Notes. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net earnings	$	56,631	$	43,168
Denominator:
Weighted average shares used to compute basic EPS	34,974		35,199
Dilutive potential common shares due to dilutive RSUs, net of tax effect	330		461
Dilutive potential common shares due to the Notes	1,677		1,039
Weighted average shares used to compute diluted EPS	36,981		36,699
Net earnings per share:
Basic	$	1.62	$	1.23
Diluted	$	1.53	$	1.18

For the three months ended March 31, 2022, 13,000 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. Certain potential outstanding shares from the warrants relating to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three months ended March 31, 2021, none of our RSUs were excluded from the diluted EPS calculations and certain potential outstanding shares from the warrants were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.