Basic and diluted net income (loss) per share have been computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period.

For the three and six months ended June 30, 2025, all common share equivalents have been excluded from the calculation of diluted net loss per share, as their effect would be antidilutive.

The following tables set forth the computation of the Company’s basic and diluted net income (loss) per share (in thousands, except shares and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:

Net income (loss) used to compute basic and diluted net income (loss) per share	$	110,636	$	(8,568)	$	113,445	$	(18,921)
Denominator:
Weighted-average shares used to compute basic net income (loss) per share	51,469,375		54,304,754		51,311,462		54,781,601
Effects of dilutive shares	1,953,148		—		2,008,556		—



Weighted-average shares used to compute diluted net income (loss) per share	53,422,523		54,304,754		53,320,018		54,781,601

Net income (loss) per share:
Basic	$	2.15	$	(0.16)	$	2.21	$	(0.35)
Diluted	$	2.07	$	(0.16)	$	2.13	$	(0.35)

The following potentially dilutive securities have been excluded from diluted net income (loss) per share as of June 30, 2026 and 2025 because their effect would be antidilutive:


	As of June 30,
	2026	2025
Shares of common stock subject to outstanding options	1,152,560	2,755,712

Restricted stock units and performance restricted stock units	141,659	4,289,235

Total common stock equivalents	1,294,219	7,044,947