The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Numerator
Net income (loss) attributable to common shareholders	$	3,210	$	102,929	$	(316,651)	$	140,973
Add: Interest expense related to Convertible Notes	—		2,974		—		8,922
Net income (loss) attributable to common shareholders for diluted earnings per share	$	3,210	$	105,903	$	(316,651)	$	149,895
Denominator
Weighted average common shares outstanding, basic	44,017		43,783		43,767		43,665
Add: Dilutive effect of RSUs	483		509		—		546
Add: Dilutive effect of Convertible Notes	1,758		9,264		—		8,757
Weighted average common shares outstanding, diluted	46,258		53,556		43,767		52,968

Net income (loss) per share, basic	$	0.07	$	2.35	$	(7.23)	$	3.23
Net income (loss) per share, diluted	$	0.07	$	1.98	$	(7.23)	$	2.83

Basic net income (loss) per share attributable to common shareholders is calculated by dividing net income (loss) attributable to common shareholders by the weighted average shares of common stock outstanding for the period. Diluted net income (loss) per share attributable to common shareholders includes the effect of potentially dilutive securities when their effect is dilutive. Potentially dilutive securities consist of unvested RSUs, which are included using the treasury stock method, and shares issuable upon conversion of the 3.25% Convertible Notes and 3.75% Convertible Notes, which are included using the if-converted method.

For the three months ended September 30, 2026, 2,709,000 shares related to the potential conversion of the 3.75% Convertible Notes, which were fully settled in August 2026 (see Note 14), were excluded from the calculation of diluted weighted average shares outstanding because their inclusion would have been anti-dilutive. Due to net losses for the nine months ended September 30, 2026, 501,000 shares related to unvested RSUs and 7,280,000 shares related to the potential conversion of the convertible notes were excluded from the calculation of diluted weighted average shares outstanding because their inclusion would have been anti-dilutive.

The capped call transactions associated with the 3.25% Convertible Notes and 3.75% Convertible Notes were not included in the calculation of diluted weighted average shares outstanding because their effect would have been anti-dilutive.