Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2025


NOTE 15. 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 RSUs and unvested RSUs. Only those instruments having a dilutive impact on basic EPS are included in diluted EPS during the periods presented.

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


	Year Ended December 31,
	2025		2024		2023
Numerator
Income (loss) from continuing operations	$	(405,347)	$	(250,277)	$	(195,253)
Noncontrolling interests’ share in (earnings) loss from continuing operations	—		(50)		207
Net income (loss) attributable to common stockholders before discontinued operations	(405,347)		(250,327)		(195,046)
Income (loss) from discontinued operations	14,000		(9,824)		(67,550)
Net income (loss) attributable to common stockholders	$	(391,347)	$	(260,151)	$	(262,596)
Denominator
Weighted average shares outstanding, basic and diluted	413,969		410,966		408,917
Net income (loss) per share attributable to common stockholders
Net income (loss) per common share from continuing operations, basic and diluted	$	(0.98)	$	(0.61)	$	(0.48)
Net income (loss) per common share from discontinued operations, basic and diluted	$	0.03	$	(0.02)	$	(0.16)

Basic net income (loss) per share is the same as diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023 as the inclusion of all potential common shares outstanding would have been anti-dilutive. 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):


	December 31,
	2025	2024	2023
Stock options - service only condition	8,646	9,163	9,430
Stock options - market and performance condition(1)	4,289	6,962	7,826
Restricted stock units	20,939	17,858	10,065

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(1)Market and performance conditions were satisfied during 2021.