Basic and diluted net income (loss) per share were calculated as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income (loss), basic	$	(9,491)	$	518,646
Interest on convertible notes	—		2,634
Net income (loss), dilutive	(9,491)		521,280
Denominator:
Weighted average number of common shares outstanding, basic	163,276		161,049
Effect of dilutive securities	—		16,576
Weighted average number of common shares outstanding, dilutive	163,276		177,625
Net income (loss) per share:
Basic	$	(0.06)	$	3.22
Diluted	$	(0.06)	$	2.93

Anti-dilutive securities excluded from calculations of diluted net income per share	27,872		5,349