Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2023

Net Income (Loss) per ShareWe compute net income (loss) per share using the two-class method required for multiple classes of common stock and participating securities. As the liquidation and dividend rights are identical, the undistributed earnings or loss are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net income (loss) per share attributable to common stockholders are therefore the same for Class A and Class B common stock on both an individual and a combined basis. Basic net income (loss) per share is computed using the weighted-average number of shares of Class A and Class B common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of shares of Class A and Class B common stock and potentially dilutive Class A and Class B potential common shares outstanding during the period.

The following table presents the calculation of basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	145,192	$	(75,491)	$	236,047	$	(284,785)

Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	1,779,508		1,763,264		1,777,188		1,760,019
Dilutive effect of equity compensation awards	20,594		—		20,105		—
Diluted	1,800,102		1,763,264		1,797,293		1,760,019

Net income (loss) attributable to Class A and Class B common stockholders per share:
Basic	$	0.08	$	(0.04)	$	0.13	$	(0.16)
Diluted	$	0.08	$	(0.04)	$	0.13	$	(0.16)

Anti-dilutive shares (rounded)	4,000		21,000		5,000		25,000