Earnings Per Share

9 Months Ended

Sep. 30, 2021

The following table details the reconciliation of basic earnings per share to diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator for basic and diluted earnings per share:
Net income	$	44,170	$	39,284	$	106,676	$	140,726
Denominator:
Weighted-average basic common shares outstanding	40,888		40,261		40,805		40,013
Assumed conversion of dilutive securities:
Stock awards	1,398		1,345		1,391		1,480
Convertible Senior Notes	—		—		—		—
Denominator for diluted earnings per share - Adjusted weighted-average shares	42,286		41,606		42,196		41,493
Earnings per common share:
Basic	$	1.08	$	0.98	$	2.61	$	3.52
Diluted	$	1.04	$	0.94	$	2.53	$	3.39

For the three and nine months ended September 30, 2021 and 2020, stock awards, representing the right to purchase common stock of approximately 109,000 shares and 147,000 shares and 215,000 shares and 140,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an antidilutive effect.

We have used the if-converted method for calculating any potential dilutive effect of the Convertible Senior Notes on our diluted net income per share. Under the if-converted method, the Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Convertible Senior Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 1.2 million resulting common shares related to the Notes are not included in the dilutive weighted-average common shares outstanding calculation for the three and nine months ended September 30, 2021, as their effect would be anti-dilutive given none of the conversion features have been triggered. See Note 7, Debt for discussion on the conversion features related to the Convertible Senior Notes.