Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v3.21.2
Net Income Per Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Net Income Per Share NET INCOME PER SHARE
Basic net income per share is presented in conformity with the two-class method required for participating securities, which include restricted stock units ("RSUs").
Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to Common Stock and the participating securities. The Company calculates the effects of participating securities on diluted earnings per share ("EPS") using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS.
For the 2036 Convertible Senior Notes, the Company’s current intent was to settle conversions using cash for the principal amount of convertible senior notes converted, with the remaining value satisfied at the Company’s option in cash, stock or a combination of cash and stock. Therefore, the dilutive effect of the convertible senior notes was limited to the conversion premium. There were no anti-dilutive shares within the periods presented.
The following table presents the calculation of diluted net income per share available to common stockholders:
    Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020
Net income available to the Company's common stockholders - Basic $ 42,133  $ 22,223  $ 159,470  $ 93,750 
Plus (less): effect of participating securities 334  440  1,735  1,895 
Net income available to common stockholders 42,467  22,663  161,205  95,645 
Less: effect of participating securities (334) (440) (1,735) (1,895)
Net income available to the Company's common stockholders - Diluted $ 42,133  $ 22,223  $ 159,470  $ 93,750 
Shares:
Weighted-average shares used to compute basic net income per share 50,249,162  39,306,263  46,301,147  39,154,788 
Adjustment to reflect conversion of convertible notes —  3,835,950  —  3,451,385 
Adjustment to reflect stock appreciation right conversions 314,289  482,127  438,664  501,816 
Weighted-average shares used to compute diluted net income per share 50,563,451  43,624,340  46,739,811  43,107,989 
Net income per share available to common stockholders - Diluted
Diluted net income $ 0.83  $ 0.51  $ 3.41  $ 2.17