Basic and Diluted Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Earnings (Loss) per Share

(12) 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:

	Years Ended December 31,
	2023		2022			2021
Numerator:
Net income (loss) - Basic	$	429,121	$	(1,469,797	)	$	(535,480	)
Effect of dilutive shares on net income (loss):
Interest expense on 2025 Convertible Notes, net of tax		5,648		0			0
Interest expense on 2027 Convertible Notes, net of tax		2,874		0			0
Net income (loss) - Diluted	$	437,643	$	(1,469,797	)	$	(535,480	)
Denominator:
Weighted average common shares of class A common stock		11,707		9,357			8,056
Weighted average common shares of class B common stock		1,964		1,964			1,964
Total weighted average shares of common stock outstanding - Basic		13,671		11,321			10,020
Effect of dilutive shares on weighted average common shares outstanding:
Stock options		461		0			0
Restricted stock units		54		0			0
Performance stock units		13		0			0
Employee stock purchase plan		1		0			0
2025 Convertible Notes		1,633		0			0
2027 Convertible Notes		733		0			0
Total weighted average shares of common stock outstanding - Diluted		16,566		11,321			10,020
Earnings (loss) per share:
Basic earnings (loss) per share (1)	$	31.39	$	(129.83	)	$	(53.44	)
Diluted earnings (loss) per share (1)	$	26.42	$	(129.83	)	$	(53.44	)

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

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):

	Years Ended December 31,
	2023		2022		2021
Stock options		590		1,462		1,233
Restricted stock units		30		119		95
Performance stock units		0		0		0
Employee stock purchase plan		5		6		2
2025 Convertible Notes		0		1,633		1,633
2027 Convertible Notes		0		733		635
Total		625		3,953		3,598