Earnings Per Share

6 Months Ended

Jun. 30, 2024

9. Earnings Per Share

We compute basic earnings per share by dividing net income available to holders of our common stock by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue our common stock (common stock equivalents) were exercised or converted into common stock. Basic and diluted earnings per share (or EPS) was calculated in accordance with the treasury stock method, and includes all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards.

A reconciliation of the numerators and denominators of our basic and diluted EPS computations is summarized as follows (in thousands).


	Three Months Ended June 30,
	2024		2023
Net income – basic and diluted (numerator)	$	9,327	$	238,783
Weighted average shares – basic (denominator):		102,542		101,487
Dilutive effect of stock-based awards		2,546		2,749
Weighted average shares including conversions – diluted (denominator)		105,088		104,236


	Six Months Ended June 30,
	2024		2023
Net income – basic and diluted numerator	$	20,939	$	246,012
Weighted average shares – basic (denominator):		102,491		101,409
Dilutive effect of stock-based awards		2,436		2,682
Weighted average shares including conversions – diluted (denominator)		104,927		104,091

The computation of EPS for the three-month and six-month periods ended June 30, 2024 excluded non-vested stock-based awards of 335,614 shares and 309,798 shares, respectively, as the inclusion of such would have been antidilutive for the periods. The computation of EPS for the three-month and six-month periods ended June 30, 2023 excluded non-vested stock-based awards of 431,241 shares and 391,744 shares, respectively.

As of June 30, 2024, we had 7.5 million stock warrants outstanding (or Warrants) to purchase shares of our common stock that were exercisable for one share of common stock per Warrant at an exercise price of $29.22 (subject to adjustment). The Warrants are exercisable until they expire on April 23, 2026. The presumed exercise of these Warrants into shares of our common stock would have an antidilutive effect as the exercise price per warrant exceeded the average price of our common stock and they have been excluded from the computation of EPS for all periods presented.