Basic earnings (loss) per share is computed by dividing net income (loss) 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. Given that the Company recorded a net loss for the six months ended June 30, 2025, 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 earnings (loss) per common share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025			2024
	(in thousands, except per share amounts)
Numerator:
Net income (loss) - basic	$	196,892	$	6,460	$	(250,616	)	$	42,579
Add: interest expense, net of tax, on the Company's convertible debt		4,303		340		—			769
Net income (loss) - diluted	$	201,195	$	6,800	$	(250,616	)	$	43,348
Denominator:
Weighted-average common shares outstanding, basic		98,005		94,618		97,685			94,305
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans		518		3,095		—			3,388
Common stock issuable under the Company's convertible debt		8,100		1,431		—			1,436
Weighted-average common shares outstanding, diluted		106,623		99,144		97,685			99,129
Earnings (loss) per common share, basic	$	2.01	$	0.07	$	(2.57	)	$	0.45
Earnings (loss) per common share, diluted	$	1.89	$	0.07	$	(2.57	)	$	0.44

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:


	As of June 30, 2025		As of June 30, 2024
	(in thousands)
Common stock issuable under the Company's equity incentive plans		8,308		2,879	(1)
Common stock issuable under the Company's convertible debt		—		8,100
Total number of potentially issuable common stock		8,308		10,979

(1) As of June 30, 2024, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 1.2 million shares that are dilutive but have performance or market conditions that were not met as of the end of the period.