NET INCOME PER SHARE

6 Months Ended

Jun. 30, 2026

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share reflects the potential dilution from contingently issuable shares and is calculated using the treasury stock method. Contingently issuable shares, including all types of equity awards, are considered outstanding shares of common stock and included in basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period as if the end of the reporting period were the end of the contingency period.

The following table sets forth the computation of basic and diluted net income per share for the periods presented (in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income	$	257,298	$	135,009	$	450,524	$	270,061

Denominator:
Weighted-average outstanding shares—basic	49,138		47,887		49,118		47,869
Effect of dilutive securities	122		132		133		143
Weighted-average outstanding shares—diluted	49,260		48,019		49,251		48,012

Net income per share:
Basic	$	5.24	$	2.82	$	9.17	$	5.64
Diluted	$	5.22	$	2.81	$	9.15	$	5.62

Anti-dilutive common stock equivalents were not material for the periods presented.