Net Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per share ("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 and the warrants relating to the Call Spread Transactions, as applicable. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net earnings	$	67,027	$	49,972
Denominator:
Weighted average shares used to compute basic EPS	32,596		33,706
Dilutive potential common shares due to dilutive RSUs, net of tax effect	348		314
Dilutive potential common shares due to the Notes	3,228		2,310
Dilutive potential common shares due to the Warrants	2,263		877
Weighted average shares used to compute diluted EPS	38,435		37,207
Net earnings per share:
Basic	$	2.06	$	1.48
Diluted	$	1.74	$	1.34

For the three months ended March 31, 2024, 25,162 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three months ended March 31, 2023, 84,137 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.