EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

Basic earnings (loss) per share (“basic EPS”) and diluted earnings (loss) per share (“diluted EPS”) attributable to common stockholders is calculated in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to twenty votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock.

Basic EPS attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares.

As the economic rights of Class A and Class B common stock are identical, undistributed earnings are allocated on a proportionate basis and presented on a combined basis. The following table sets forth the computation of basic EPS and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares

outstanding for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share amounts):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	8,746	$	(1,700)	$	15,743	$	835
Denominator:
Weighted-average shares—basic	163,665,566		170,168,732		162,942,689		170,161,922
Effect of dilutive stock options	14,292,854		—		10,978,001		10,178,818
Effect of dilutive restricted stock units	2,917,513		—		2,053,461		273,820
Weighted-average shares—diluted	180,875,933		170,168,732		175,974,151		180,614,560
Earnings (loss) per share:
Basic earnings (loss) per share	$	0.05	$	(0.01)	$	0.10	$	—
Effect of dilutive stock options and restricted stock units	—		—		(0.01)		—
Diluted earnings (loss) per share	$	0.05	$	(0.01)	$	0.09	$	—

The Company excluded the following weighted average common equivalent shares from the computation of Diluted EPS for the three and nine months ended September 30, 2025 and 2024 because including them would have had an anti-dilutive effect:


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Stock options to purchase common stock	5,252,863	42,713,307	6,820,869	22,006,925
Restricted stock units	244,505	5,289,719	796,311	2,091,859