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Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Note 10—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Class A Common stock by the weighted average shares of Class A Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity-based restricted stock and performance stock units, outstanding stock options, withholding amounts from the employee stock purchase plan (prior to its discontinuation in January 2023), all using the treasury stock method, (ii) equity-based restricted stock and performance stock units that were vested but not outstanding, using the treasury stock method, and (iii) the Company’s Class C Common Stock and potential shares issuable under our Convertible Senior Notes, both using the “if-converted” method, which is net of tax. The following table reflects the EPS computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding each period:
| Three Months Ended March 31, |  |
(in thousands, except per share data) | 2023 |  | 2022 |  |  |  |
Net income (loss) attributable to Class A Common Stock | $ | 102,120 |  |  | $ | 15,802 |  |  |  |  |
Add: Interest on Convertible Senior Notes, net of tax | 1,375 |  |  | 1,293 |  |  |  |  |
Adjusted net income (loss) attributable to Class A Common Stock | $ | 103,495 |  |  | $ | 17,095 |  |  |  |  |
Basic weighted average shares of Class A Common Stock outstanding | 295,913 |  |  | 284,851 |  |  |  |  |
Add: Dilutive effects of Convertible Senior Notes | 27,314 |  |  | 27,074 |  |  |  |  |
Add: Dilutive effects of equity awards and ESPP shares | 12,621 |  |  | 7,755 |  |  |  |  |
Diluted weighted average shares of Class A Common Stock outstanding | 335,848 |  |  | 319,680 |  |  |  |  |
Basic net earnings (loss) per share of Class A Common Stock | $ | 0.35 |  |  | $ | 0.06 |  |  |  |  |
Diluted net earnings (loss) per share of Class A Common Stock | $ | 0.31 |  |  | $ | 0.05 |  |  |  |  |
The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2023 |  | 2022
Out-of-the-money stock options |  |  |  |  | 1,914 |  |  | 2,097 |
Weighted average shares of Class C Common Stock |  |  |  |  | 263,369 |  |  | — |
Performance stock units |  |  |  |  | — |  |  | 449 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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