STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

NOTE 5.    STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of, and changes in, accumulated other comprehensive income
(loss), net of income taxes.

		Foreign Currency Translation		Change in Fair Value of Cash Flow Hedges		Defined Employee Benefit Plan		Total
Balance at December 31, 2022	$	(12,823)	$	11,848	$	17,295	$	16,320
Other comprehensive income (loss) prior to reclassifications		(196)		595		—		399
Amounts reclassified from accumulated other comprehensive income (loss)		—		(2,412)		—		(2,412)
Balance at March 31, 2023		(13,019)		10,031		17,295		14,307
Other comprehensive income (loss) prior to reclassifications		(1,533)		2,555		—		1,022
Amounts reclassified from accumulated other comprehensive income (loss)		—		(2,756)		(292)		(3,048)
Balance at June 30, 2023		(14,552)		9,830		17,003		12,281
Other comprehensive income (loss) prior to reclassifications		(5,069)		1,036		—		(4,033)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(2,858)		—		(2,858)
Balance at September 30, 2023	$	(19,621)	$	8,008	$	17,003	$	5,390

		Foreign Currency Translation		Change in Fair Value of Cash Flow Hedges		Defined Employee Benefit Plan		Total
Balance at December 31, 2023	$	(10,796)	$	5,474	$	11,436	$	6,114
Other comprehensive income (loss) prior to reclassifications		(6,589)		1,405		—		(5,184)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(2,785)		—		(2,785)
Balance at March 31, 2024		(17,385)		4,094		11,436		(1,855)
Other comprehensive income (loss) prior to reclassifications		(2,561)		395		—		(2,166)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(2,751)		(51)		(2,802)
Balance at June 30, 2024		(19,946)		1,738		11,385		(6,823)
Other comprehensive income (loss) prior to reclassifications		10,816		444		(2,228)		9,032
Amounts reclassified from accumulated other comprehensive income (loss)		1,585		(2,182)		477		(120)
Balance at September 30, 2024	$	(7,545)	$	—	$	9,634	$	2,089

Amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the
Consolidated Statements of Operations were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,				To Caption on Consolidated
	2024		2023			2024		2023	Statements of Operations
Foreign currency translation	$	1,585	$	—	$	1,585	$	—	Other income (expense), net
Cash flow hedges		(2,182)		(2,858)		(7,718)		(8,026)	Interest expense
Defined employee benefit plan		477		—		426		(292)	Other income (expense), net
Total reclassifications	$	(120)	$	(2,858)	$	(5,707)	$	(8,318)

Earnings (Loss) Per Share

The following table summarizes our earnings per share (“EPS”):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Income (loss) from continuing operations	$	(14,147)	$	33,651	$	7,244	$	92,858
Basic weighted-average common shares outstanding		37,532		37,575		37,455		37,541
Dilutive effect of stock awards		—		279		330		301
Diluted weighted-average common shares outstanding		37,532		37,854		37,785		37,842
EPS from continuing operations
Basic EPS	$	(0.38)	$	0.90	$	0.19	$	2.47
Diluted EPS	$	(0.38)	$	0.89	$	0.19	$	2.45
Anti-dilutive shares not included above
Stock awards		371		27		4		84
Warrants		3,076		3,180		3,212		3,180
Total anti-dilutive shares		3,447		3,207		3,216		3,264

We compute basic earnings per share of common stock (“Basic EPS”) by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period.

See Note 18. Long-Term Debt in our Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding our Convertible Notes, Note Hedges, and Warrants. For diluted earnings per share of common stock (“Diluted EPS”), we increase the weighted-average number of common shares outstanding during the period, as needed, to include the following:

● Additional common shares that would have been outstanding if our outstanding stock awards had been converted to common shares using the treasury stock method. We exclude any stock awards that have an anti-dilutive effect;

● Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. When the stock price is lower than the strike price, there is no dilutive or anti-dilutive impact. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46 but below $179.76; and

● Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the $179.76 exercise price of the Warrants exceeded the average market price of our common stock.

Share Repurchase

To repurchase shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Amount paid or accrued to repurchase shares	$	1,770	$	40,000	$	1,770	$	40,000
Number of shares repurchased		19		378		19		378
Average repurchase price per share	$	93.58	$	105.74	$	93.58	$	105.74

At September 30, 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.