Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, the Company calculates diluted earnings per share by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive shares of common stock, consisting of shares issuable upon conversion of the Company’s senior convertible notes, common stock options, shares to be purchased under the 2016 Employee Stock Purchase Plan (“ESPP”), and performance stock units, using the more dilutive of the treasury stock or the two-class method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.

Unvested restricted shares and Series A convertible preferred stock (prior to their conversion into shares of common stock) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic and diluted earnings (loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and the shares of common stock assumed converted from the preferred shares and excludes the impact of those shares from the denominator. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders.


	Basic				Diluted
	Three Months Ended March 31,				Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025		2026		2025
Net income available to common shareholders	$	29,492	$	15,275	$	29,492	$	15,275
Earnings allocated to participating securities	(2,063)		(1,564)		(2,007)		(1,533)
Net income available to common shareholders	$	27,429	$	13,711	$	27,485	$	13,742
Basic Weighted-Average Shares Outstanding	20,914		19,607		20,914		19,607
Dilutive effect of convertible senior notes, common stock options, ESPP, and performance stock units					630		439
Diluted Weighted-Average Shares Outstanding					21,544		20,046
Earnings per share	$	1.31	$	0.70	$	1.28	$	0.69

The number of shares of potentially dilutive securities excluded from the computation of diluted earnings per share was 1.6 million and 2.4 million for the three months ended March 31, 2026 and 2025, respectively, because including them would have been anti-dilutive.