Net Earnings Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Net Earnings Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net earnings per share attributable to common stockholders (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income attributable to common stockholders for diluted net earnings per share	$	143,525	$	71,505	$	383,181	$	116,434
Denominator
Weighted-average shares used in computing net earnings per share:
Basic	2,250,032		2,162,530		2,231,790		2,134,045
Effect of dilutive shares	209,557		163,070		193,074		147,302
Diluted	2,459,589		2,325,600		2,424,864		2,281,347
Net earnings per share
Net earnings per share attributable to common stockholders:
Basic	$	0.06	$	0.03	$	0.17	$	0.05
Diluted	$	0.06	$	0.03	$	0.16	$	0.05

The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Options issued and outstanding	—	—	—	162,000
RSUs and P-RSUs outstanding	6,748	6,941	6,748	12,032
Warrants to purchase common stock	—	13,042	—	13,042
Total	6,748	19,983	6,748	187,074

For the three and nine months ended September 30, 2024, the Company also excluded the impact of 48.0 million SARs that may settle in shares of Class A common stock from the computation of diluted net earnings per share because the exercise price of such SARs was greater than the average market price of the Class A common stock for the applicable period. The maximum number of potentially dilutive Class A common shares is the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time.