NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2024

Basic net income (loss) per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	470,820	$	95,828
Less: Net loss attributable to noncontrolling interests	(1,185)		(2,488)
Net income attributable to common stockholders	$	472,005	$	98,316
Denominator:
Basic shares:
Weighted-average shares used to compute basic net income per share	616,401		602,234
Diluted shares:
Stock options, restricted stock, and employee stock purchase plan	8,851		7,164
Convertible notes	12,108		14,181
Common stock warrants	—		—
Weighted-average shares used to compute diluted net income per share	637,360		623,579

Basic	$	0.77	$	0.16
Diluted	$	0.74	$	0.16

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):


	Three Months Ended March 31,
	2024	2023
Stock options, restricted stock, and employee stock purchase plan	35,006	29,655
Convertible notes	—	3,844
Common stock warrants	12,108	23,188
Total anti-dilutive securities	47,114	56,687