Net Earnings Per Share

6 Months Ended

Jun. 30, 2026

Basic earnings per share ("EPS") is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying our previously outstanding 0.75% Convertible Senior Notes due 2025 (the "Convertible Notes") and the warrants (the "Warrants") relating to the Call Spread Transactions (as defined in Note 5), as applicable. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net earnings	$	77,569	$	46,932	$	107,578	$	54,446
Denominator:
Weighted average shares used to compute basic EPS	30,032		31,780		30,410		31,809
Dilutive potential common shares due to dilutive RSUs, net of tax effect	142		51		105		114
Dilutive potential common shares due to the Convertible Notes	—		—		—		865
Dilutive potential common shares due to the Warrants	—		290		—		614
Weighted average shares used to compute diluted EPS	30,174		32,121		30,515		33,402
Net earnings per share:
Basic	$	2.58	$	1.48	$	3.54	$	1.71
Diluted	$	2.57	$	1.46	$	3.53	$	1.63

For the three and six months ended June 30, 2026, approximately 123,000 and 205,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2025, approximately 212,000 and 135,000, respectively, of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in future periods.