Weighted Average Shares Outstanding and Net Income Per Share

9 Months Ended

Sep. 30, 2023

Weighted Average Shares Outstanding and Net Income Per Share

The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
			As Restated				As Restated
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator
Net income attributable to common shareholders for basic earnings per share	$	57,624	$	69,302	$	17,601	$	61,250
Add: Interest expense related to Convertible Notes	3,209		1,473		—		4,418
Net income attributable to common shareholders for diluted earnings per share	$	60,833	$	70,775	$	17,601	$	65,668
Denominator
Weighted average common shares outstanding, basic	43,924		43,973		43,861		44,739
Add: Dilutive effect of RSUs	589		581		586		565
Add: Dilutive effect of Convertible Notes	9,099		7,309		—		7,309
Weighted average common shares outstanding, diluted	53,612		51,863		44,447		52,613

Net income per share, basic	$	1.31	$	1.58	$	0.40	$	1.37
Net income per share, diluted	$	1.13	$	1.36	$	0.40	$	1.25

For the nine months ended September 30, 2023, interest expense related to convertible notes of $6.9 million and the potential dilution from the convertible notes converting into 9,099 shares of common stock have been excluded from the calculation of diluted earnings per share, as their inclusion would have been antidilutive. In connection with the issuance of the 3.75% Convertible Notes in May 2023, we entered into Capped Calls Transactions, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.