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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
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 and outstanding stock options, 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 September 30, |  | Nine Months Ended September 30,
(in thousands, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income attributable to Class A Common Stock | $ | 386,376 |  |  | $ | 45,433 |  |  | $ | 768,051 |  |  | $ | 220,952 |
Add: Interest on Convertible Senior Notes, net of tax | 1,305 |  |  | 1,374 |  |  | 3,887 |  |  | 4,116 |
Adjusted net income (attributable to Class A Common Stock) | $ | 387,681 |  |  | $ | 46,807 |  |  | $ | 771,938 |  |  | $ | 225,068 |
Basic weighted average shares of Class A Common Stock outstanding | 693,692 |  |  | 324,650 |  |  | 619,741 |  |  | 312,015 |
Add: Dilutive effects of Convertible Senior Notes | 29,117 |  |  | 27,829 |  |  | 29,117 |  |  | 27,583 |
Add: Dilutive effects of equity awards | 13,430 |  |  | 13,695 |  |  | 14,457 |  |  | 11,819 |
Diluted weighted average shares of Class A Common Stock outstanding | 736,239 |  |  | 366,174 |  |  | 663,315 |  |  | 351,417 |
Basic net earnings per share of Class A Common Stock | $ | 0.56 |  |  | $ | 0.14 |  |  | $ | 1.24 |  |  | $ | 0.71 |
Diluted net earnings per share of Class A Common Stock | $ | 0.53 |  |  | $ | 0.13 |  |  | $ | 1.16 |  |  | $ | 0.64 |
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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Out-of-the-money stock options | 436 |  |  | 1,022 |  |  | 482 |  |  | 1,451 |
Weighted average shares of Class C Common Stock | 100,670 |  |  | 241,340 |  |  | 159,396 |  |  | 250,018 |
Restricted stock | 325 |  |  | — |  |  | 182 |  |  | 69 |
Performance stock units | 831 |  |  | — |  |  | 277 |  |  | 39 |

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