Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period adjusted to include the effect of potentially dilutive securities. Potentially dilutive securities are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive.

The computation of the Company’s basic and diluted net income (loss) per share is as follows (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common stockholders	$	139,074	$	55,474	$	51,256	$	(184,914)
Debt discount amortization	883		534		3,900		—
Net income (loss) available to common stockholders	$	139,957	$	56,008	$	55,156	$	(184,914)
Denominator:
Weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic	222,474		216,017		221,178		215,153
Weighted average effect of potentially dilutive shares to purchase common stock	32,633		5,832		23,577		—
Weighted average shares used to compute net income (loss) per share attributable to common stockholders, diluted	255,107		221,849		244,755		215,153
Net income (loss) per share attributable to common stockholders
Basic	$	0.63	$	0.26	$	0.23	$	(0.86)
Diluted	$	0.55	$	0.25	$	0.23	$	(0.86)

The following shares were excluded from the computation of diluted net income (loss) per share as the impact of including those shares would be anti-dilutive (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Outstanding stock options	1,984	1,599	1,976	1,536
Unvested restricted stock units	12,858	8,154	10,602	6,039
Convertible Senior Notes (if converted)	—	—	7,073	1,696
Total	14,842	9,753	19,651	9,271