Basic loss per share is computed by dividing net loss by the weighted-average number of shares of Class A and Class B Common Stock outstanding. Diluted loss per share reflects the potential dilution that could occur if the stock options to issue Common Stock were exercised. The Company had a net loss for the three months ended March 31, 2025, thus the dilutive net loss per common share is the same as the basic net loss per common share as the effect of any options or conversions is anti-dilutive.

The earnings per share amounts are the same for the different classes of Common Stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or liquidation.

The following table shows the calculation of basic and diluted earnings (loss) per share attributable to common stockholders (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	5,397	$	(53,236	)
Shares used in basic earnings (loss) per share attributable to common stockholders		347,332		338,612
Diluted effect of equity-based awards		30,189		—
Shares used in diluted earnings (loss) per share attributable to common stockholders		377,521		338,612

Basic earnings (loss) per share attributable to common stockholders	$	0.02	$	(0.16	)
Diluted earnings (loss) per share attributable to common stockholders	$	0.01	$	(0.16	)

The following securities outstanding at March 31, 2026 and 2025 have been excluded from the calculation of basic weighted average shares outstanding:


	Three Months Ended March 31,
	2026		2025
Warrants		—		8,681,182
Class A Common Stock options		85,094,897		77,442,787
Restricted stock units		3,478,375		1,394,353

Potential shares of common stock excluded from the computation of diluted earnings (loss) per share attributable to common stockholders because their effect would have been antidilutive were 20.1 million and 87.5 million for the three months ended March 31, 2026 and 2025, respectively.