The Company adopted ASC 260, Earnings per share, guidance from inception. Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share.

We calculate basic earnings per share by dividing net income attributable to common stockholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding stock options and awards, the Warrant (see Note 3—Revenue Recognition in this Quarterly Report on Form 10-Q), shares issued in conjunction with the Company’s ESPP by applying the treasury stock method, and other commitments to issue common stock, including shares issuable upon the conversion of convertible notes by applying the if-converted method, except where the impact would be anti-dilutive. For diluted earnings per share, we also adjust the numerator for interest expense on convertible debt, net of the related income tax effect, when assuming conversion under the if-converted method.

The following table provides a reconciliation of the numerator and the denominator used in computing basic and diluted earnings per share attributable to common stockholders (in thousands, except net earnings per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Numerator for basic earnings per share:
Net income (loss) attributable to common stockholders	$	250,271	$	(23,093)	$	517,214	$	(89,526)
Net income (loss), numerator—basic	$	250,271	$	(23,093)	$	517,214	$	(89,526)

Numerator for diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Net income (loss) attributable to common stockholders	$	250,271	$	(23,093)	$	517,214	$	(89,526)
Add: debt interest cost, net of taxes	3,534		—		12,169		—
Net income (loss), numerator—diluted	$	253,805	$	(23,093)	$	529,383	$	(89,526)

Denominator for basic earnings per share:
Weighted average common shares outstanding	294,757		234,931		287,970		232,579

Denominator for diluted earnings per share:
Weighted average common shares outstanding—basic	294,757		234,931		287,970		232,579
Effect of dilutive securities:
Convertible notes	13,922		—		18,250		—
Warrant (Note 3)	—		—		141		—
Stock options and awards	15,610		—		16,946		—
Weighted average common shares outstanding—diluted	324,289		234,931		323,307		232,579

Net earnings per share available to common stockholders:
Basic	$	0.85	$	(0.10)	$	1.80	$	(0.38)
Diluted	$	0.78	$	(0.10)	$	1.64	$	(0.38)

The following common stock equivalents were excluded from the computation of our earnings per share available to common stockholders, diluted, for the three and nine months ended September 30, 2025, as their inclusion would have been antidilutive (in thousands):