The Company’s basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period. The Company uses the two-class method to calculate net income (loss) per share. Except with respect to certain voting, conversion, and transfer rights and as otherwise expressly provided in the Company’s amended and restated certificate of incorporation or required by applicable law, shares of the Company’s Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably, and are identical in all respects as to all matters. Accordingly, basic and diluted net income (loss) per share are the same for both classes.

For purposes of the calculation of diluted net income (loss) per share, options to purchase common stock and restricted stock units are considered common stock equivalents. Dilutive shares of common stock are determined by applying the treasury stock method. The dilutive shares are excluded from the calculation of diluted net loss per share in the period of net loss, as their effect is antidilutive.


	Years Ended December 31,
	2023		2022		2021
Numerator:
Net income (loss)	$	(709,561)	$	(498,005)	$	242,385
Denominator:
Basic net income (loss) per share:
Weighted-average common shares outstanding — basic	141,572		137,668		132,710
Net income (loss) per share — basic	$	(5.01)	$	(3.62)	$	1.83

Diluted net income (loss) per share:
Weighted-average common shares outstanding — basic	141,572		137,668		132,710
Effect of potentially dilutive securities:
Restricted stock units	—		—		2,744
Stock options	—		—		6,214
Weighted-average common shares outstanding — diluted	141,572		137,668		141,668
Net income (loss) per share — diluted	$	(5.01)	$	(3.62)	$	1.71

Common stock equivalents excluded from the calculation of diluted net income (loss) per share because of their anti-dilutive effect were 14.0 million, 14.4 million and 1.1 million units of equity awards to purchase common stock granted under the Company’s equity plans for the years ended December 31, 2023, 2022, and 2021, respectively.