Basic and Diluted (Loss) Earnings per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted (Loss) Earnings per Share

(12) 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:

	Years Ended December 31,
	2024			2023		2022
Numerator:
Net (loss) income - Basic	$	(1,166,661	)	$	429,121	$	(1,469,797	)
Effect of dilutive shares on net (loss) income:
Interest expense on 2025 Convertible Notes, net of tax		0			5,648		0
Interest expense on 2027 Convertible Notes, net of tax		0			2,874		0
Net (loss) income - Diluted	$	(1,166,661	)	$	437,643	$	(1,469,797	)
Denominator:
Weighted average common shares of class A common stock		172,909			117,066		93,569
Weighted average common shares of class B common stock		19,640			19,640		19,640
Total weighted average shares of common stock outstanding - Basic		192,549			136,706		113,209
Effect of dilutive shares on weighted average common shares outstanding:
Stock options		0			4,613		0
Restricted stock units		0			546		0
Performance stock units		0			130		0
Employee stock purchase plan		0			5		0
2025 Convertible Notes		0			16,332		0
2027 Convertible Notes		0			7,330		0
Total weighted average shares of common stock outstanding - Diluted		192,549			165,662		113,209
(Loss) earnings per share:
Basic (loss) earnings per share (1)	$	(6.06	)	$	3.14	$	(12.98	)
Diluted (loss) earnings per share (1)	$	(6.06	)	$	2.64	$	(12.98	)

(1) Basic and fully diluted (loss) earnings 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 (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands):

	Years Ended December 31,
	2024		2023		2022
Stock options		6,926		5,896		14,615
Restricted stock units		1,647		297		1,195
Performance stock units		585		0		0
Employee stock purchase plan		16		52		64
2025 Convertible Notes		4,998		0		16,332
2027 Convertible Notes		7,330		0		7,330
2028 Convertible Notes		1,558		0		0
2029 Convertible Notes		497		0		0
2030 Convertible Notes		4,358		0		0
2031 Convertible Notes		2,046		0		0
2032 Convertible Notes		2,108		0		0
Total		32,069		6,245		39,536