The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Numerator
Net income (loss) attributable to common shareholders	$	(278,162)	$	71,700	$	(319,861)	$	38,044
Add: Interest expense related to Convertible Notes	—		2,994		—		5,988
Net income (loss) attributable to common shareholders for diluted earnings per share	$	(278,162)	$	74,694	$	(319,861)	$	44,032
Denominator
Weighted average common shares outstanding, basic	43,751		43,746		43,641		43,605
Add: Dilutive effect of RSUs	—		543		—		564
Add: Dilutive effect of Convertible Notes	—		8,466		—		8,447
Weighted average common shares outstanding, diluted	43,751		52,755		43,641		52,616

Net income (loss) per share, basic	$	(6.36)	$	1.64	$	(7.33)	$	0.87
Net income (loss) per share, diluted	$	(6.36)	$	1.42	$	(7.33)	$	0.84

Basic net income (loss) per share attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding for the period. Diluted net income (loss) per share attributable to common stockholders includes the effect of potentially dilutive securities when their effect is dilutive. Potentially dilutive securities consist of unvested RSUs, which are included using the treasury stock method, and shares issuable upon conversion of the 3.25% Convertible Notes and 3.75% Convertible Notes, which are included using the if-converted method.

Due to net losses for the three and six months ended June 30, 2026, 488,000 and 509,000 shares related to unvested RSUs and 7,983,000 and 8,705,000 shares related to the potential conversion of the convertible notes, respectively, were excluded from the calculation of diluted weighted average shares outstanding because their inclusion would have been anti-dilutive.

The capped call transactions associated with the 3.25% Convertible Notes and 3.75% Convertible Notes were not included in the calculation of diluted weighted average shares outstanding because their effect would have been anti-dilutive.