Basic Earnings Per Share ("EPS") is calculated by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if options or other securities with features that could result in the issuance of common stock were exercised or converted to common stock or resulting from the unvested outstanding restricted stock units ("RSUs"). The following tables reconcile the numerator and the denominator of the basic and diluted net income per share computation (in thousands, except for per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	180,568	$	109,664	$	296,170	$	191,316
Weighted-average shares outstanding:
Basic	25,917		25,207		25,829		25,359
Dilutive effect of stock options and RSUs	1,035		794		1,154		841
Dilutive effect of warrants	2,982		38		2,901		19
Dilutive effect of convertible securities	3,791		1,871		3,731		1,906
Diluted	33,725		27,910		33,615		28,125
Earnings per share:
Basic	$	6.97	$	4.35	$	11.47	$	7.54
Dilutive effect of stock options and RSUs	(0.22)		(0.11)		(0.40)		(0.20)
Dilutive effect of warrants	(0.62)		(0.01)		(0.99)		(0.01)
Dilutive effect of convertible securities	(0.78)		(0.30)		(1.27)		(0.53)
Diluted	$	5.35	$	3.93	$	8.81	$	6.80

Shares of common stock issuable upon the exercise or conversion of certain securities have been excluded from our computation of EPS because the strike price or conversion rate, as applicable, of such securities was greater than the average market price of our common stock and, as a result, the effect of such exercise or conversion would have been anti-dilutive. Set forth below are the securities and the weighted average number of shares of common stock underlying such securities that were excluded from our computation of EPS for the periods presented (in thousands):

Refer to Note 5, "Obligations," for information about the Company's convertible notes and warrants and related conversion and strike prices. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, or above the strike price of the Company's outstanding warrants, the impact of conversion or exercise, as applicable, would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price or strike price, as applicable, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes and the warrants based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period.