Basic and Diluted Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Computation of Company's Basic and Diluted Net Income (Loss) Per Share of Common Stock

The following table sets forth the computation of the Company’s basic and diluted net income per share of common stock (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net income	$	569,700	$	17,559	$	639,433	$	20,424
Less: Dividends declared for Preferred Stock	(93)		—		(204)		—
Less: Undistributed earnings allocated to Preferred Stock	(4,910)		—		(5,389)		—
Net income attributable to common stockholders – Basic	$	564,697	$	17,559	$	633,840	$	20,424
Denominator
Weighted-average common shares outstanding for basic net income per share	83,859		90,141		84,187		90,619
Effect of dilutive securities:
Shares of common stock issuable under equity incentive awards outstanding	3,085		1,080		2,166		949
Shares of common stock related to convertible preferred stock	743		743		743		743

Weighted-average common shares outstanding for diluted net income per share	87,687		91,964		87,096		92,311
Basic net income per share	$	6.73	$	0.19	$	7.53	$	0.23
Diluted net income per share	$	6.50	$	0.19	$	7.34	$	0.22

Schedule of Potential Shares of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding

The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Shares of common stock issuable under equity incentive plans outstanding	3,146	6,841	4,083	7,016
Shares of common stock related to convertible preferred stock	—	—	—	—

Potential common shares excluded from diluted net income per share	3,146	6,841	4,083	7,016