The computation of Net (loss) 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,
	2026		2025		2026		2025
Numerators
Net (loss) income attributable to common shareholders, basic	$	(359,468)	$	1,428,900	$	(753,585)	$	1,494,508
Net (loss) income attributable to common shareholders, diluted	$	(359,468)	$	1,432,511	$	(753,585)	$	1,501,717

Denominators
WASO - basic	263,412		255,188		264,128		254,537
Weighted-average effect of potentially dilutive shares:
Stock options	—		15,299		—		15,561
Convertible notes	—		7,229		—		7,229
Restricted stock units	—		665		—		807
Performance restricted stock units	—		446		—		413
Restricted stock	—		86		—		153
WASO - diluted	263,412		278,913		264,128		278,700

Net (loss) income per share attributable to common shareholders:
Basic	$	(1.36)	$	5.60	$	(2.85)	$	5.87
Diluted	$	(1.36)	$	5.14	$	(2.85)	$	5.39

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,
	2026	2025	2026	2025
Equity awards(1)	24,637	7,383	24,637	7,383
Convertible notes	13,233	—	13,778	—
Total	37,870	7,383	38,415	7,383