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

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted (Loss) Earnings per Share

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Numerator:
Net (loss) income - Basic	$	(340,174	)	$	(143,441	)	$	(495,851	)	$	339,995
Effect of dilutive shares on net (loss) income:
Interest expense on 2025 Convertible Notes, net of tax		0			0			0			4,255
Interest expense on 2027 Convertible Notes, net of tax		0			0			0			2,165
Net (loss) income - Diluted	$	(340,174	)	$	(143,441	)	$	(495,851	)	$	346,415
Denominator:
Weighted average common shares of class A common stock		177,633			122,574			163,055			97,008
Weighted average common shares of class B common stock		19,640			19,640			19,640			19,640
Total weighted average shares of common stock outstanding - Basic		197,273			142,214			182,695			116,648
Effect of dilutive shares on weighted average common shares outstanding:
Stock options		0			0			0			4,307
Restricted stock units		0			0			0			428
Performance stock units		0			0			0			78
Employee stock purchase plan		0			0			0			2
2025 Convertible Notes		0			0			0			16,332
2027 Convertible Notes		0			0			0			7,330
Total weighted average shares of common stock outstanding - Diluted		197,273			142,214			182,695			145,125
(Loss) earnings per share:
Basic (loss) earnings per share (1)	$	(1.72	)	$	(1.01	)	$	(2.71	)	$	2.91
Diluted (loss) earnings per share (1)	$	(1.72	)	$	(1.01	)	$	(2.71	)	$	2.39

(1) Basic and fully diluted (loss) earnings 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 Basic and Diluted (Loss) Earnings per Share

For the three and nine months ended September 30, 2024 and 2023, the following weighted average shares of potential class A common stock were excluded from the diluted (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Stock options		5,823		14,056		7,481		6,333
Restricted stock units		1,587		2,042		1,756		339
Performance stock units		606		516		576		0
Employee stock purchase plan		8		27		13		18
2025 Convertible Notes		0		16,332		6,664		0
2027 Convertible Notes		7,330		7,330		7,330		0
2028 Convertible Notes		719		0		240		0
2030 Convertible Notes		5,342		0		4,031		0
2031 Convertible Notes		2,594		0		1,863		0
2032 Convertible Notes		3,915		0		1,506		0
Total		27,924		40,303		31,460		6,690