Earnings Per Share

Note 15. Earnings Per Share

Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive.

The calculations of basic and diluted earnings per share were as follows:


	Three Months Ended March 31,
($ and shares in thousands, except per share amounts)(1)		2026		2025
Numerator:



Net income attributable to common stockholders – basic		$	166,731	$	71,116
Plus: Dilutive effect of convertible notes, net(2)		344		339
Net income attributable to common stockholders – diluted(2)		$	167,075	$	71,455
Denominator:
Weighted average common stock outstanding – basic		1,276,328		1,097,994
Convertible notes(3)		69,440		50,508
Unvested RSUs		22,570		30,244
Common stock options		8,437		6,719
Unvested PSUs		1,218		—

Underwritten public offering options(4)		18		—
Weighted average common stock outstanding – diluted		1,378,011		1,185,466
Earnings per share – basic		$	0.13	$	0.06
Earnings per share – diluted		$	0.12	$	0.06

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(1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.

(2)Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(3)Includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes.

(4)For the three months ended March 31, 2026, reflects weighted average options outstanding related to a 30-day option to purchase additional shares pursuant to our December 2025 underwritten public offering. The Company completed the issuance and sale of common stock pursuant to the option in January 2026. See Note 9. Equity for additional information.

The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive.


	Three Months Ended March 31,
(Shares in thousands)		2026	2025
Unvested RSUs(1)		7,200	3,067

Unvested PSUs(1)		10,106	15,600
ESPP		1,469	1,018
Contingent common stock(2)		—	46

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(1)Amounts reflect weighted average instruments outstanding.

(2)Represents contingently returnable common stock in connection with the Technisys Merger, which consisted of shares that were held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023, with all remaining shares released in January 2026.