We compute basic net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income per common share utilizing the treasury stock and if-converted methods is based upon the weighted-average number of common shares and dilutive potential common share equivalents outstanding during the period. For periods in which we have generated a net loss, diluted net loss per common share is the same as basic net loss per common share, as the inclusion of potentially dilutive common shares would be anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2026		2025		2026		2025
Net income (loss), as reported	$	164,494	$	(72,228)	$	370,485	$	(90,479)
Adjustment for the elimination of interest expense on the convertible debt	2,392		—		4,766		—
Net income (loss), for use in diluted income per share	$	166,886	$	(72,228)	$	375,251	$	(90,479)

Weighted-average common shares — basic	133,606		130,628		133,244		130,155
Effect of dilutive securities:
Convertible debt	2,255		—		2,255		—
Options to purchase common stock, inclusive of performance-based stock options	1,634		—		1,756		—
Restricted stock units, inclusive of performance-based restricted stock units	782		—		990		—
Employee stock purchase program	4		—		4		—
Weighted-average common shares — diluted	138,281		130,628		138,249		130,155

Net income (loss) per common share — basic	$	1.23	$	(0.55)	$	2.78	$	(0.70)
Net income (loss) per common share — diluted	$	1.21	$	(0.55)	$	2.71	$	(0.70)

The following table sets forth the potential weighted-average common shares excluded from the calculation of diluted net income (loss) per common share because their inclusion would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2026	2025	2026	2025
Options to purchase common stock, inclusive of performance-based stock options	386	4,698	235	4,879
Unvested restricted stock units, inclusive of performance-based restricted stock units	734	2,762	405	2,583
Convertible debt	—	3,616	—	3,616
Total	1,120	11,076	640	11,078

The effect of the 2022 Capped Call Transactions and 2025 Capped Call Transactions was also excluded from the calculation of diluted net income (loss) per share because exercise of these transactions would potentially reduce the number of shares of the Company’s common stock outstanding and, therefore, would be anti-dilutive. In the three and six months ended June 30, 2026, we excluded 8.5 million shares and in the three and six months ended June 30, 2025, we excluded 5.2 million shares related to these transactions.