Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Components of Basic and Diluted Earnings Per Share

The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):


	Three Months Ended September 30,
		2022				2021
		Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net income per common share:
Net income from continuing operations		$	18,185	$	18,185	$	6,769	$	6,769
Net income available to participating securities (1)		(4)		(4)		(4)		(4)
1.75% Convertible Notes interest expense (after-tax) (2)		—		—		—		—
Net income available to the Company’s common shareholders from continuing operations		$	18,181	$	18,181	$	6,765	$	6,765
Denominator:
Weighted-average outstanding shares of common stock		46,871,897		46,871,897		46,738,073		46,738,073
Dilutive effect of:
Equity incentive plans		—		—		—		332,532
Convertible debt (2)		—		—		—		1,511,980
Common stock and common stock equivalents		46,871,897		46,871,897		46,738,073		48,582,585

Net income per share from continuing operations:		$	0.39	$	0.39	$	0.14	$	0.14


	Nine Months Ended September 30,
		2022				2021
		Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net income per common share:
Net (loss) income from continuing operations		$	(3,714)	$	(3,714)	$	22,504	$	22,504
Net income available to participating securities (1)		—		—		(24)		(24)
1.75% Convertible Notes interest expense (after-tax) (2)		—		—		—		—
Net (loss) income available to the Company’s common shareholders from continuing operations		$	(3,714)	$	(3,714)	$	22,480	$	22,480
Denominator:
Weighted-average outstanding shares of common stock		46,967,671		46,967,671		45,258,819		45,258,819
Dilutive effect of:
Equity incentive plans		—		—		—		272,178
Convertible debt (2)		—		—		—		2,034,065
Common stock and common stock equivalents		46,967,671		46,967,671		45,258,819		47,565,062

Net (loss) income per share from continuing operations:		$	(0.08)	$	(0.08)	$	0.50	$	0.47

(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

(2)Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible debt was calculated using the if-converted method for the three and nine months ended September 30, 2022. The dilutive impact of convertible debt was calculated using the treasury stock method for the three and nine months ended September 30, 2021 (see Note 8 - Debt).