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Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The calculations of basic and diluted earnings (loss) per share were as follows:
Three Months Ended March 31,
20242023
Numerator:
Net income (loss)$88,043 $(34,422)
Less: Redeemable preferred stock dividends
(10,079)(9,968)
Net income (loss) attributable to common stockholders – basic
$77,964 $(44,390)
Plus: Dilutive effect of convertible notes, net(1)
(55,441)— 
Net income (loss) attributable to common stockholders – diluted(1)(2)
$22,523 $(44,390)
Denominator:
Weighted average common stock outstanding – basic
982,617,492 929,270,723 
Effect of dilutive securities(2):
Convertible notes47,845,642 — 
Unvested RSUs9,752,440 — 
Common stock options2,260,927 — 
Weighted average common stock outstanding – diluted
1,042,476,501 929,270,723 
Earnings (loss) per share – basic
$0.08 $(0.05)
Earnings (loss) per share – diluted
$0.02 $(0.05)
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(1)For the three months ended March 31, 2024, diluted earnings per share of $0.02 and diluted net income attributable to common stockholders of $22,523 exclude gain on extinguishment of debt, net of tax, associated with convertible note activity during the period, as well as interest expense incurred, net of tax, related to convertible notes due 2026.
(2)During the three months ended March 31, 2024 and March 31, 2023, 81.0 million and 194.8 million shares, respectively, were excluded from the computation of diluted earnings per share, as the effect would have been anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents all potentially dilutive stock elements, and reflect the number of instruments outstanding at the end of the period.
March 31,
20242023
Common stock options
17,721,910 18,569,877 
Common stock warrants
12,170,990 12,170,990 
Unvested RSUs(1)
73,141,764 86,139,377 
Unvested PSUs
14,913,609 18,073,029 
Convertible notes(2)
22,841,631 53,538,000 
Contingent common stock(3)
45,859 6,305,595 
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(1)As of March 31, 2024, includes DSUs granted to non-employee directors. See Note 13. Share-Based Compensation for additional information.
(2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated. As of March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock, and there are no shares of common stock expected to be issued relating to the 2029 convertible notes, as there was no amount in excess of the expected cash redemption price which would require share settlement. See Note 9. Debt for additional information.
(3)Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. See Note 2. Business Combinations for additional information.