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Subsequent Events (Tables) | 9 Months Ended
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Sep. 30, 2024
Subsequent Event [Line Items] |
Computation of Basic and Diluted (Loss) Earnings per Share | The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income - Basic |  | $ | (340,174 | ) |  | $ | (143,441 | ) |  | $ | (495,851 | ) |  | $ | 339,995 |
Effect of dilutive shares on net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on 2025 Convertible Notes, net of tax |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,255 |
Interest expense on 2027 Convertible Notes, net of tax |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,165 |
Net (loss) income - Diluted |  | $ | (340,174 | ) |  | $ | (143,441 | ) |  | $ | (495,851 | ) |  | $ | 346,415 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares of class A common stock |  |  | 177,633 |  |  |  | 122,574 |  |  |  | 163,055 |  |  |  | 97,008 |
Weighted average common shares of class B common stock |  |  | 19,640 |  |  |  | 19,640 |  |  |  | 19,640 |  |  |  | 19,640 |
Total weighted average shares of common stock outstanding - Basic |  |  | 197,273 |  |  |  | 142,214 |  |  |  | 182,695 |  |  |  | 116,648 |
Effect of dilutive shares on weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,307 |
Restricted stock units |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 428 |
Performance stock units |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 78 |
Employee stock purchase plan |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |
2025 Convertible Notes |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,332 |
2027 Convertible Notes |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,330 |
Total weighted average shares of common stock outstanding - Diluted |  |  | 197,273 |  |  |  | 142,214 |  |  |  | 182,695 |  |  |  | 145,125 |
(Loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic (loss) earnings per share (1) |  | $ | (1.72 | ) |  | $ | (1.01 | ) |  | $ | (2.71 | ) |  | $ | 2.91 |
Diluted (loss) earnings per share (1) |  | $ | (1.72 | ) |  | $ | (1.01 | ) |  | $ | (2.71 | ) |  | $ | 2.39 |
(1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

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