Basic and Diluted Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data) for the periods indicated:

	Three Months Ended
	March 31,
	2023		2022
Numerator:
Net income (loss) - Basic	$	461,193	$	(130,751	)
Effect of dilutive shares on net income (loss):
Interest expense on 2025 Convertible Notes, net of tax		1,414		0
Interest expense on 2027 Convertible Notes, net of tax		720		0
Net income (loss) - Diluted	$	463,327	$	(130,751	)
Denominator:
Weighted average common shares of class A common stock		9,870		9,325
Weighted average common shares of class B common stock		1,964		1,964
Total weighted average shares of common stock outstanding - Basic		11,834		11,289
Effect of dilutive shares on weighted average common shares outstanding:
Stock options		354		0
Restricted stock units		21		0
Employee stock purchase plan		0		0
2025 Convertible Notes		1,633		0
2027 Convertible Notes		733		0
Total weighted average shares of common stock outstanding - Diluted		14,575		11,289
Earnings (loss) per share:
Basic earnings (loss) per share (1)	$	38.97	$	(11.58	)
Diluted earnings (loss) per share (1)	$	31.79	$	(11.58	)

(1) Basic and fully diluted earnings (loss) per share for class A and class B common stock are the same.

Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of Earnings (Loss) Per Share

For the three months ended March 31, 2023 and 2022, the following weighted average shares of potential class A common stock were excluded from the diluted earnings (loss) per share calculation because their impact would have been anti-dilutive (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Stock options		711		1,311
Restricted stock units		42		107
Employee stock purchase plan		3		2
2025 Convertible Notes		0		1,633
2027 Convertible Notes		0		733
Total		756		3,786