Net Income per Share

3 Months Ended

Mar. 31, 2026

4. Net Income per Share

We compute net income per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion, and transfer rights and therefore share equally in our net income or losses.

The following table presents the calculation of basic and diluted net income per share attributable to common stock:


	Three months ended March 31,
	2026				2025
	Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Basic net income per share attributable to common stockholders:
Numerator:
Net income attributable to common stockholders	$	149,404	$	54,577	$	18,214	$	7,944
Denominator:
Basic weighted-average common shares outstanding	140,276,709		51,242,264		126,746,933		55,277,274
Basic income per share attributable to common stockholders	$	1.07	$	1.07	$	0.14	$	0.14
Diluted net income per share attributable to common stockholders:
Numerator:
Net income attributable to common stockholders	$	152,370	$	51,611	$	18,974	$	7,184
Denominator:
Basic weighted-average common shares outstanding	140,276,709		51,242,264		126,746,933		55,277,274
Weighted-average effect of dilutive potential common stock	11,005,200		—		19,251,016		—
Shares used in computation of diluted net income per share attributable to common stockholders	151,281,909		51,242,264		145,997,949		55,277,274
Diluted net income per share attributable to common stockholders	$	1.01	$	1.01	$	0.13	$	0.13

The following outstanding potentially dilutive shares were excluded from the computation of diluted net income per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.


	Three months ended March 31,
	2026		2025
	Class A	Class B	Class A	Class B

Unvested RSUs and RSAs	55,300	—	143,904	—
Total	55,300	—	143,904	—