v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. 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 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except share and per share data):
Three Months Ended March 31,
20252024
Basic EPS
Numerator:
Net income $576,419 $236,183 
Less:
Income attributable to options exercised by promissory notes(144)(726)
Income attributable to common stock subject to share repurchase agreements— (724)
Income attributable to unvested early exercised options— (1)
Net income attributable to common stockholders—Basic$576,275 $234,732 
Denominator:
Weighted-average shares used in computing net income per share—Basic339,837,238 335,794,739 
Net income per share attributable to common stockholders—Basic:$1.70 $0.70 
Diluted EPS
Numerator:
Net income$576,419 $236,183 
Less:
Income attributable to options exercised by promissory notes(142)(700)
Income attributable to common stock subject to share repurchase agreements— (698)
Income attributable to unvested early exercised options— (1)
Net income attributable to common stockholders—Diluted$576,277 $234,784 
Denominator:
Weighted-average shares used in computing net income per share—Basic339,837,238 335,794,739 
Weighted-average dilutive stock awards5,040,304 12,801,556 
Weighted-average shares used in computing net income per share—Diluted344,877,542 348,596,295 
Net income per share attributable to common stockholders—Diluted:$1.67 $0.67 
The following table presents the forms of antidilutive potential common shares:
As of March 31,
20252024
Stock options exercised for promissory notes85,000 85,000 
Early exercised stock options— 559 
Stock options— 12,265 
Unvested RSUs
645 2,006,934 
ESPP31,203 — 
Total antidilutive potential common shares116,848 2,104,758 
As of March 31, 2024, the table above excludes any unvested PSUs since the related market conditions had not yet been met. There were no unvested PSUs as of March 31, 2025.