Note 16 - Weighted Average Shares Outstanding and Net Income Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

16.  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,
(in thousands, except per share amounts)	2022		2021		2022		2021
Numerator
Net income attributable to common shareholders for basic earnings per share	$	73,393	$	35,043	$	77,605	$	23,309
Add back: Interest expense related to 2.75% Convertible Notes		1,473		-		4,418		-
Net income attributable to common shareholders for diluted earnings per share	$	74,866	$	35,043	$	82,023	$	23,309
Denominator
Weighted average common shares outstanding, basic		43,973		45,821		44,739		45,773
Add: Dilutive effect of RSUs		581		563		565		523
Add: Dilutive effect of 2.75% Convertible Notes		7,309		1,522		7,309		1,226
Weighted average common shares outstanding, diluted		51,863		47,906		52,613		47,522
Net income per share, basic	$	1.67	$	0.76	$	1.73	$	0.51
Net income per share, diluted	$	1.44	$	0.73	$	1.56	$	0.49

Beginning in 2022, with the adoption of ASU 2020-06, we have applied the if-converted method for calculating diluted earnings per share (see Note 2).