EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Basic EPS and 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.

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 years ended December 31, 2025, 2024, and 2023 (in thousands, except share and per share amounts).


	Year ended December 31,
	2025		2024		2023
Numerator:
Net income	$	34,250	$	2,720	$	22,637
Denominator:
Weighted-average shares—basic	163,462,072		169,201,983		168,065,721
Effect of dilutive stock options	13,451,148		10,359,317		13,502,538
Effect of dilutive restricted stock units	2,573,666		541,540		844,705
Weighted-average shares—diluted	179,486,886		180,102,840		182,412,965
Earnings per share:
Basic earnings per share	$	0.21	$	0.02	$	0.13
Effect of dilutive stock options and restricted stock units	(0.02)		—		(0.01)
Diluted earnings per share	$	0.19	$	0.02	$	0.12

The Company excluded the following weighted average common equivalent shares from the computation of Diluted EPS for the years ended December 31, 2025, 2024, and 2023 because including them would have had an anti-dilutive effect:


	Year ended December 31,
	2025	2024	2023
Stock options to purchase common stock	5,887,034	21,480,801	11,219,739
Restricted stock units	108,112	1,637,740	2,278,137