Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Share

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 September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	91,300	$	90,679	$	327,347	$	(194,106)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	1,784,363		1,767,275		1,779,606		1,762,465
Dilutive effect of equity compensation awards	23,948		23,666		21,400		—
Diluted	1,808,311		1,790,941		1,801,006		1,762,465
Net income (loss) attributable to Class A and Class B common stockholders per share:
Basic	$	0.05	$	0.05	$	0.18	$	(0.11)
Diluted	$	0.05	$	0.05	$	0.18	$	(0.11)
Anti-dilutive shares (rounded)	2,000		6,000		4,000		25,000