v3.26.1
Income Per Common Share
6 Months Ended
Jun. 30, 2026
Income Per Common Share  
Income Per Common Share

Note 2 — Income Per Common Share

Basic income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income available to common shareholders by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share if the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. Finally, the Company includes the dilutive effect of shares issuable upon conversion of its Notes in the calculation of diluted income per share using the if-converted method. The Company must settle the principal amount of the 2029 Notes in cash, and has the option to settle any excess of the conversion value over the principal amount in any combination of cash or shares. As such, the Company only includes the excess shares that may be issuable above the principal amount of the 2029 Notes in the dilutive share count, if the effect would be dilutive.

The computations of basic and diluted income per share for the three and six months ended June 30, 2026 and 2025 are as follows:

Three months ended June 30,

Six months ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

(in thousands, except per share amounts)

Numerator:

Net income

$

11,857

$

11,733

$

11,533

$

23,680

Interest expense associated with convertible notes

125

378

Net income available to common shareholders

$

11,857

$

11,858

$

11,533

$

24,058

Denominator:

Basic weighted average shares outstanding

 

61,064

 

59,076

 

60,777

 

58,434

Effect of potentially dilutive share-based awards

1,972

257

1,505

297

Dilutive effect of convertible notes

 

3,746

 

904

 

2,654

 

1,341

Diluted weighted average shares outstanding

 

66,782

 

60,237

 

64,936

 

60,072

Net income per common share:

Basic

$

0.19

$

0.20

$

0.19

$

0.41

Diluted

$

0.18

$

0.20

$

0.18

$

0.40

Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive

0

1,803

17

1,099

Maximum potential shares to be issued for settlement of convertible senior notes excluded from the diluted calculation as their effect would be antidilutive

N/A

N/A

N/A

92