Earnings per Share

12 Months Ended

Mar. 31, 2023

The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share:


	Year Ended March 31, 2023		Three Months Ended March 31, 2022 (Transition Period)		Year Ended December 31, 2021(1)		Year Ended December 31, 2020
Numerator
Net income (loss) - Basic	$	386,769	$	(59,610)	$	360,060	$	(549,177)
Interest on Convertible Senior Notes due 2024, net of tax (2)	899		—		—		—
Net income (loss) - Diluted	$	387,668	$	(59,610)	$	360,060	$	(549,177)
Denominator
Weighted average common shares outstanding Class A, B and C - Basic	451,426		471,425		465,504		454,089
Dilutive effect of Class A, B, and C securities (2)	1,841		—		3,035		—
Dilutive effect of Convertible Senior Notes due 2024 (2)	8,242		—		105		—
Weighted average common shares and dilutive securities outstanding Class A, B, and C	461,509		471,425		468,644		454,089

Class A and Class C securities excluded as anti-dilutive (3)	6,989		6,539		1,578		6,364

Basic net income (loss) per share of Class A, B and C common stock	$	0.86	$	(0.13)	$	0.77	$	(1.21)
Diluted net income (loss) per share of Class A, B and C common stock	$	0.84	$	(0.13)	$	0.77	$	(1.21)

(1) The Company adopted Accounting Standard Update No. 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)" (ASU 2020-06) on January 1, 2022 using the modified retrospective transition approach. As a result, prior period comparatives have not been restated to conform to current period presentation.

(2) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive.

(3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.