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Earnings Per Share
 9 Months Ended
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)2024202320242023
Net income attributable to Class A Common Stock
$386,376 $45,433 $768,051 $220,952 
Add: Interest on Convertible Senior Notes, net of tax1,305 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 outstanding693,692 324,650 619,741 312,015 
Add: Dilutive effects of Convertible Senior Notes29,117 27,829 29,117 27,583 
Add: Dilutive effects of equity awards13,430 13,695 14,457 11,819 
Diluted weighted average shares of Class A Common Stock outstanding736,239 366,174 663,315 351,417 
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)2024202320242023
Out-of-the-money stock options436 1,022 482 1,451 
Weighted average shares of Class C Common Stock100,670 241,340 159,396 250,018 
Restricted stock325 — 182 69 
Performance stock units831 — 277 39