We compute basic net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income per common share utilizing the treasury stock and if-converted methods is based upon the weighted-average number of common shares and dilutive potential common share equivalents outstanding during the period. For periods in which we have generated a net loss, diluted net loss per common share is the same as basic net loss per common share, as the inclusion of potentially dilutive common shares would be anti-dilutive.


	Years Ended December 31,
(In thousands, except per share amounts)	2025		2024		2023
Net income (loss), as reported	$	313,747	$	(278,157)	$	(440,242)
Adjustment for the elimination of interest expense on the convertible debt	—		—		—
Net income (loss), for use in diluted income per share	$	313,747	$	(278,157)	$	(440,242)

Weighted-average common shares — basic	131,004		127,651		124,906
Effect of dilutive securities:
Options to purchase common stock, inclusive of performance-based stock options	2,265		—		—
Restricted stock units, inclusive of performance-based restricted stock units	1,407		—		—
Employee stock purchase program	8		—		—
Weighted-average common shares — diluted	134,684		127,651		124,906

Net income (loss) per common share — basic	$	2.39	$	(2.18)	$	(3.52)
Net income (loss) per common share — diluted	$	2.33	$	(2.18)	$	(3.52)

The following table sets forth the potential common shares excluded from the calculation of diluted net loss per common share because their inclusion would be anti-dilutive:


	Years Ended December 31,
(In thousands)	2025	2024	2023
Options to purchase common stock, inclusive of performance-based stock options	118	5,136	7,422
Restricted stock units, inclusive of performance-based restricted stock units	7	2,679	2,058
Convertible debt	3,238	3,616	3,616
Total	3,363	11,431	13,096

The effect of the 2022 Capped Call Transactions and 2025 Capped Call Transactions was also excluded from the calculation of diluted net income (loss) per share because exercise of these transactions would potentially reduce the number of shares of our common stock outstanding and, therefore, would be anti-dilutive. In the years ended December 31, 2025 and 2024, we excluded 6.2 million and 5.2 million shares, respectively, related to these transactions.