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Net Income Per Share | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
Net Income Per Share | (12) Net Income Per Share The following table sets forth the computation of basic and diluted net income per share:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 175 |  |  | $ | 62 |  |  | $ | 258 |  |  | $ | 114 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Shares used in net income per share - basic |  |  | 67.6 |  |  |  | 67.2 |  |  |  | 67.5 |  |  |  | 67.3 |
Dilutive effect of potential shares |  |  |  |  |  |  |  |  |  |  |  |
Equity awards |  |  | 0.6 |  |  |  | 0.2 |  |  |  | 0.7 |  |  |  | 0.2 |
Convertible Notes |  |  | 4.5 |  |  |  | — |  |  |  | 3.7 |  |  |  | — |
Shares used in net income per share - diluted |  |  | 72.7 |  |  |  | 67.4 |  |  |  | 71.9 |  |  |  | 67.5 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.59 |  |  | $ | 0.92 |  |  | $ | 3.83 |  |  | $ | 1.69 |
Diluted |  | $ | 2.41 |  |  | $ | 0.92 |  |  | $ | 3.60 |  |  | $ | 1.69 |
Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. The dilutive effect of equity awards is calculated based on the average stock price for the relevant period, using the treasury stock method. In periods in which a net loss is recognized, the impact of equity awards is not included as they would be antidilutive. For the three and six months ended June 30, 2026, the Company had an immaterial quantity of equity awards that were antidilutive and excluded from the computation of diluted weighted-average number of shares. For each of the three and six months ended June 30, 2025, there were 0.2 of restricted stock units (“RSUs”) that were antidilutive and excluded from the computation of diluted weighted-average number of shares. The dilutive effect of the Convertible Notes is calculated under the if-converted method. Interest expense, net of tax, is not added back to net income to calculate diluted net income per share as the principal amount of the Convertible Notes is required to be paid in cash. For the three and six months ended June 30, 2026, shares of the Company’s common stock that would be issued upon conversion of the Convertible Notes are included in the weighted-average number of shares of common stock used to calculate diluted net income per share. For the three and six months ended June 30, 2025, shares of common stock that would have been issued if the Convertible Notes had been converted are not included in the calculation of diluted net income per share as the Company’s average share price during these periods was below the initial conversion price and inclusion would be antidilutive. The Convertible Debt Capped Calls, as described in Note 8, are excluded from the calculation of diluted net income per share as they would be antidilutive. However, upon conversion of the Convertible Notes, the Convertible Debt Capped Calls would generally offset any dilution from the Convertible Notes from the conversion price up to a cap initially equal to $237.42 per share. See Note 8 for further information regarding the Convertible Notes and Convertible Debt Capped Calls.

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