Earnings Per Share

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	47,011	$	53,233	$	127,016	$	133,163
Denominator:
Weighted-average basic common shares outstanding	42,087		41,600		42,002		41,523
Assumed conversion of dilutive securities:
Stock awards	754		807		734		902
Convertible Senior Notes	—		—		—		—
Denominator for diluted earnings per share - Adjusted weighted-average shares	42,841		42,407		42,736		42,425
Earnings per common share:
Basic	$	1.12	$	1.28	$	3.02	$	3.21
Diluted	$	1.10	$	1.26	$	2.97	$	3.14

For the three and nine months ended September 30, 2023, and 2022, stock awards, representing the right to purchase common stock of approximately 260,000 and 369,000 shares and 361,000 and 354,000 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 not added back to the numerator, only in the periods in which such effect is dilutive. The approximately 1.2 million remaining 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, 2023, and 2022, as their effect would be antidilutive given none of the conversion features have been triggered. See Note 8, “Debt,” for discussion on the conversion features related to the Convertible Senior Notes.