v3.25.2
NET INCOME PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
15. NET INCOME PER SHARE
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerators
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Less: net income allocated to participating shares
— (23)— (784)
Net income attributable to common stockholders, basic$1,428,900 $36,127 $1,494,508 $1,211,611 
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Add: interest on convertible notes, net of tax
3,611 — 7,209 6,145 
Less: net income allocated to participating shares
— (22)— (711)
Net income attributable to common stockholders, diluted$1,432,511 $36,128 $1,501,717 $1,217,829 
Denominators
WASO - basic255,188 246,298 254,537 244,546 
Weighted-average effect of potentially dilutive shares:
Stock options15,299 17,254 15,561 17,894 
Convertible notes7,229 — 7,229 5,687 
Restricted stock units665 2,672 807 2,250 
Performance restricted stock units446 350 413 343 
Restricted stock86 257 153 283 
WASO - diluted278,913 266,831 278,700 271,003 
Net income per share attributable to common stockholders:
Basic$5.60 $0.15 $5.87 $4.95 
Diluted$5.14 $0.14 $5.39 $4.49 
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Equity awards(1)
7,383 7,807 7,383 7,807 
Convertible notes— 7,229 — — 
Total7,383 15,036 7,383 7,807 
__________________
(1)Includes shares under the ESPP.
See also Note 16. Commitments and Contingencies for discussion of an additional 10,997,881 shares of Class A common stock that would be issued should the Company’s acquisition of Sentillia B.V. (“Deribit”) close as anticipated.