v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
Note 10—Earnings Per Share
Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consist of (i) unvested equity-based Restricted Stock and PSUs as well as outstanding stock options, all using the treasury stock method; and (ii) the Company’s Class C Common Stock and shares issuable for the 3.25% senior unsecured convertible notes due 2028 (the “Convertible Senior Notes”) using the “if-converted” method. The Company's Class C Common Stock was eliminated during the three months ended March 31, 2026, and the Convertible Senior Notes were fully redeemed during the year ended December 31, 2025, and are therefore no longer potentially dilutive securities in the EPS calculation.
The following table reflects the EPS computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding each period:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2026202520262025
Net income attributable to Class A Common Stock
$792,464 $207,137 $836,084 $536,435 
Add: Interest on Convertible Senior Notes, net of tax— 1,287 — 2,569 
Adjusted net income (attributable to Class A Common Stock)
$792,464 $208,424 $836,084 $539,004 
Basic weighted average shares of Class A Common Stock outstanding837,369 701,353 824,858 702,686 
Add: Dilutive effects of Convertible Senior Notes— 30,037 — 30,037 
Add: Dilutive effects of equity awards17,874 14,634 16,814 14,521 
Diluted weighted average shares of Class A Common Stock outstanding855,243 746,024 841,672 747,244 
Basic net earnings per share of Class A Common Stock
$0.95 $0.30 $1.01 $0.76 
Diluted net earnings per share of Class A Common Stock
$0.93 $0.28 $0.99 $0.72 
The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Weighted average shares of Class C Common Stock outstanding
— 99,051 12,104 99,321 
Performance stock units— 2,205 — 1,386 
Restricted Stock
45 2,740 75 1,408 
Out-of-the-money stock options24 266 102 287