Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

(in thousands, except per share amounts)

Numerator:

Net income (loss)

$

(3,900

)

$

185,031

$

(51,314

)

$

281,335

Denominator:

Weighted average shares outstanding, basic

107,564

110,922

108,710

112,291

Dilutive effect of options and RSUs

—

274

—

468

Weighted average shares outstanding, diluted

107,564

111,196

108,710

112,759

Net income (loss) per share:

Basic

$

(0.04

)

$

1.67

$

(0.47

)

$

2.51

Diluted

$

(0.04

)

$

1.66

$

(0.47

)

$

2.50

Antidilutive and contingent RSUs excluded from diluted EPS

1,265

767

1,186

427