v3.25.1
EARNINGS (LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Earnings (Loss) Per Share
Calculation of earnings (loss) per share:
Three Months Ended
March 31,
(in thousands, except per share amounts)20252024
Net income (loss)$85,422 $(12,124)
Weighted-average common shares outstanding85,902 84,266 
Earnings (loss) per share, basic$0.99 $(0.14)
Net income (loss)$85,422 $(12,124)
Notes - interest expense, net of tax
742 — 
Numerator for diluted EPS $86,164 $(12,124)
Weighted-average effect of dilutive securities:
Notes
2,425 — 
Stock options4,305 — 
RSUs1,781 — 
Effect of dilutive securities8,511 — 
Weighted-average common shares outstanding, assuming dilution (1) (2) (3)
94,413 84,266 
Earnings (loss) per share, diluted$0.91 $(0.14)
Outstanding anti-dilutive stock options and RSUs (4)
122 3,171 
(1) All dilutive securities are excluded when their inclusion would be anti-dilutive.
(2) The weighted-average shares underlying the conversion options in the Company’s Notes are included using the if-converted method, if dilutive in the period.
(3) The Company’s Capped Call Transactions represented the equivalent number of shares of the Company’s common stock (representing the number of shares for which the Notes are convertible). The Capped Call Transactions are excluded from weighted-average common shares outstanding, assuming dilution, in all periods as their effect would be anti-dilutive.
(4) Outstanding stock options and RSUs that were anti-dilutive under the treasury stock method in the period were excluded from the computation of diluted earnings (loss) per share. These awards may be dilutive in the future.