Earnings Per Share

6 Months Ended

Jun. 30, 2024

Note 3—Earnings Per Share

The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights.

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the potentially dilutive impact of stock options, restricted stock and the Employee Stock Purchase Plan (“ESPP”), using the two-class method required for participating securities. Restricted stock awards are considered to be participating securities due to their non-forfeitable dividend rights.

The computation of basic and diluted earnings 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	$	85,029	$	32,939	$	116,689	$	42,265
Denominator:
Weighted-average shares outstanding—basic	489,353		488,431		488,952		489,068
Effect of dilutive securities	10,687		10,918		10,165		10,502
Weighted-average shares outstanding—diluted	500,040		499,349		499,117		499,570
Basic earnings per share	$	0.17	$	0.07	$	0.24	$	0.09
Diluted earnings per share	$	0.17	$	0.07	$	0.23	$	0.08
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share	2,480		7,578		2,480		7,578