Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the treasury stock method for stock awards and the if-converted method for convertible debt by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding. In periods in which the Company records a net loss, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.

The following table sets forth the computation of basic and diluted (loss) earnings per common share:


		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2026			2025		2026		2025
	(in thousands, except per share amounts)
Numerator:
Net (loss) income - basic		$	(4,890	)	$	196,892	$	326,069	$	(250,616	)
Add: interest expense, net of tax, on the Company's convertible debt			—			4,303		39,681		—
Net (loss) income - diluted		$	(4,890	)	$	201,195	$	365,750	$	(250,616	)
Denominator:
Weighted-average common shares outstanding, basic			105,431			98,005		105,211		97,685
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			—			518		1,042		—
Common stock issuable under the Company's convertible debt			—			8,100		16,007		—
Weighted-average common shares outstanding, diluted			105,431			106,623		122,260		97,685
(Loss) earnings per common share, basic		$	(0.05	)	$	2.01	$	3.10	$	(2.57	)
(Loss) earnings per common share, diluted		$	(0.05	)	$	1.89	$	2.99	$	(2.57	)

The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)
Common stock issuable under the Company's equity incentive plans		11,837	1, 3		8,308	2		8,288	1		10,815	2, 3
Common stock issuable under the Company's convertible debt		16,007			—			—			8,100
Total number of potentially issuable common stock		27,844			8,308			8,288			18,915

For the three and six months ended June 30, 2026, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.4 million shares that have performance conditions that were not met as of the end of the period.

For the three and six months ended June 30, 2025, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 0.1 million shares that have performance conditions that were not met as of the end of the period.

For the three months ended June 30, 2026, and the six months ended June 30, 2025, these and all shares issued under the Company’s equity incentive plans were anti-dilutive as the Company was in a net loss position during these periods.