Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

NOTE 11. Net Income (Loss) Per Common Share

Basic net income (loss) per common share (“EPS”) is computed based upon the weighted average number of common shares outstanding. Diluted net income (loss) per common share is computed based upon the weighted average number of common shares outstanding plus the impact of common shares issuable from the assumed conversion of stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on basic net income (loss) per share are included in diluted net income (loss) per share during the periods presented.

The following table illustrates the computation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Income (loss) from continuing operations	$	(110,207)	$	(116,432)	$	(216,465)	$	(143,847)
Noncontrolling interests’ share in (earnings) loss from continuing operations	—		—		—		(50)
Net income (loss) attributable to common stockholders before discontinued operations	(110,207)		(116,432)		(216,465)		(143,897)
Income (loss) from discontinued operations	—		(1,183)		14,000		(10,464)
Net income (loss) attributable to common stockholders	$	(110,207)	$	(117,615)	$	(202,465)	$	(154,361)
Denominator
Weighted average shares outstanding – basic and diluted	414,465		411,591		413,751		410,604
Net income (loss) per share attributable to common stockholders
Net income (loss) per common share from continuing operations, basic and diluted	$	(0.27)	$	(0.29)	$	(0.52)	$	(0.35)
Net income (loss) per common share from discontinued operations, basic and diluted	$	—	$	—	$	0.03	$	(0.03)

The following table provides the potential shares of common stock that were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive (in thousands):

	September 30,
	2025	2024
Stock options	19,463	16,690
Restricted stock units	22,583	18,695