Earnings per Share

3 Months Ended

Mar. 31, 2022

The following represents a reconciliation from basic income (loss) per share to diluted income (loss) per share:


	Three Months Ended March 31,
	2022		2021(1)
Numerator
Net income (loss) - Basic	$	(59,610)	$	77,752
Interest on Convertible Senior Notes due 2024, net of tax (2)	—		—
Net Income (loss) - Diluted	$	(59,610)	$	77,752
Denominator
Weighted average common shares outstanding Class A, B and C - Basic	471,425		456,014
Dilutive effect of Class A, B, and C securities (2)	—		3,212
Dilutive effect of Convertible Senior Notes due 2024 (2)	—		—
Weighted average common shares and dilutive securities outstanding Class A, B, and C	471,425		459,226

Basic net income (loss) per share of Class A, B and C common stock	$	(0.13)	$	0.17
Diluted net income (loss) per share of Class A, B and C common stock	$	(0.13)	$	0.17

(1) The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective transition approach. As a result, prior period comparatives have not been restated to conform to current period presentation.

(2) Effects of potentially dilutive securities are presented only in periods in which they are dilutive.

Due to the Company being in a net loss position for the three months ended March 31, 2022, there were no stock options, restricted stock units, or effects from the Convertible Notes due 2024 included in the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Stock options and restricted stock units representing 4.3 million shares of Class A and Class C Common Stock outstanding for the three months ended March 31, 2021 were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.