Net Income Per Share (Tables)

The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted-average number of shares of common stock outstanding because their effect is anti-dilutive:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Awards under equity incentive plans	2,691,729	2,740,278	2,691,729	2,740,278
Common stock warrants	—	—	—	—
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding	2,691,729	2,740,278	2,691,729	2,740,278

A reconciliation from net income to basic net income attributable to common stockholders per share of common stock and diluted net income attributable to common stockholders per share of common stock for the three and six months ended June 30, 2026, and 2025 is as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Basic net income per share of common stock:
Net income	$	8,752	$	74,707	$	46,642	$	71,608
Earnings allocated to participating securities	(359)		(6,798)		(1,924)		(6,552)
Net income attributable to shares of common stock	8,393		67,909		44,718		65,056
Less: Dividends declared or accumulated	—		—		—		—
Undistributed net income attributable to shares of common stock, basic	8,393		67,909		44,718		65,056
Weighted-average shares of common stock outstanding	59,156		54,781		58,783		54,440
Basic net income per share of common stock	$	0.14	$	1.24	$	0.76	$	1.20

Diluted net income per share of common stock:
Net income attributable to shares of common stock	$	8,393	$	67,909	$	44,718	$	65,056
Plus: Fair value adjustment income related to warrant liability	—		—		—		—
Net income attributable to shares of common stock, diluted	8,393		67,909		44,718		65,056
Weighted-average number of shares of common stock outstanding	59,156		54,781		58,783		54,440
Dilutive effect of outstanding stock options (as converted to common stock)	2,181		1,544		2,003		1,622
Weighted-average shares of common stock outstanding, diluted	61,337		56,325		60,786		56,062
Diluted net income per share of common stock	$	0.14	$	1.21	$	0.74	$	1.16