| 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 per share data): | | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | Basic EPS: | | | | Numerator: | | | | | Net income from continuing operations | $ | 1,205,613 | | | $ | 723,538 | | | Less: income attributable to participating securities | — | | | (181) | | Net income from continuing operations attributable to common stockholders - Basic | 1,205,613 | | | 723,357 | | Loss from discontinued operations, net of income taxes, attributable to common stockholders - Basic | — | | | (147,082) | | | Net income attributable to common stockholders - Basic | $ | 1,205,613 | | | $ | 576,275 | | Denominator: | | | | Weighted-average shares used in computing net income (loss) per share - Basic | 337,399 | | | 339,837 | | | Net income (loss) per share attributed to Class A and Class B common stockholders - Basic: | | Continuing operations | $ | 3.57 | | | $ | 2.13 | | | Discontinued operations | — | | | (0.43) | | | Basic net income per share | $ | 3.57 | | | $ | 1.70 | | | | | | Diluted EPS: | | | | Numerator: | | | | | Net income from continuing operations attributable to common stockholders - Basic | $ | 1,205,613 | | | $ | 723,357 | | | Re-allocation of participating securities considered potentially dilutive securities | — | | | 3 | | | Net income from continuing operations attributable to common stockholders - Diluted | 1,205,613 | | | 723,360 | | | Loss from discontinued operations, net of income taxes, attributable to common stockholders - Diluted | — | | | (147,083) | | | Net income attributable to common stockholders - Diluted | $ | 1,205,613 | | | $ | 576,277 | | Denominator: | | | | | Weighted-average shares used in computing net income (loss) per share - Basic | 337,399 | | | 339,837 | | | Weighted-average dilutive stock awards | 1,330 | | | 5,041 | | | Weighted-average shares used in computing net income (loss) per share - Diluted | 338,729 | | | 344,878 | | | Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted: | | Continuing operations | $ | 3.56 | | | $ | 2.10 | | | Discontinued operations | — | | | (0.43) | | | Diluted net income per share | $ | 3.56 | | | $ | 1.67 | | | | | | | As of March 31, | | 2026 | | 2025 | | Anti-dilutive potential common stock excluded | 133 | | | 117 | |
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