Net Income per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income per Common Share

Net Income per Common Share

For each of the years ended December 31, 2023, 2022 and 2021, Net income is equal to Net income available to common shareholders.

For each of the years ended December 31, 2023, 2022 and 2021, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net income per share. Additionally, the Company determined that as it relates to the Convertible Bond Debt, it does not overcome the presumption of share settlement, and therefore, the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net income per share, unless the impact of such potential shares is anti-dilutive.

The following table presents Basic and Diluted net income per share for the years ended December 31, 2023, 2022 and 2021:

	Year Ended
(In thousands, except for share and per share data)	December 31, 2023		December 31, 2022		December 31, 2021
Net income	$	22,728	$	248,009	$	184,898
Weighted Average Shares - Basic	11,090,064		12,989,951		12,399,509
Effect of dilutive securities:
Convertible Bond Debt	3,292,316		3,195,901		3,052,352
Stock awards and options	91,251		127,595		232,531
Dilutive potential common shares	3,383,567		3,323,496		3,284,883
Weighted Average Shares - Diluted	14,473,631		16,313,447		15,684,392
Basic net income per share	$	2.05	$	19.09	$	14.91
Diluted net income per share	$	1.96	$	15.57	$	11.79

The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income per share for the years ended December 31, 2023, 2022 and 2021 because to do so would have been anti-dilutive:

	Year Ended
	December 31, 2023	December 31, 2022	December 31, 2021
Stock awards and options	39,527	21,716	—