Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Note 15. Net Income (Loss) Per Share

Net income (loss) per share was calculated as follows for the periods indicated below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income (loss)	$	424,169	$	106,456	$	987,371	$	(168,597)

Weighted average common shares outstanding	195,670		192,629		194,459		211,763

Basic net income (loss) per share	$	2.17	$	0.55	$	5.08	$	(0.80)

Diluted net income (loss)	$	424,169	$	106,456	$	987,371	$	(168,597)

Weighted average common shares outstanding	195,670		192,629		194,459		211,763
Dilutive stock options and awards	5,759		3,209		4,946		—
Weighted average shares used to compute diluted net income (loss) per share	201,429		195,838		199,405		211,763

Diluted net income (loss) per share	$	2.11	$	0.54	$	4.95	$	(0.80)

All stock options and stock awards were excluded from the diluted share calculation for the nine months ended September 30, 2024 because their effect would have been anti-dilutive, as we were in a net loss position. The potential common shares that were excluded from the diluted net income (loss) per share computation are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Outstanding stock options and awards	8,111,846	13,067,516	11,064,833	16,881,330