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


	As of December 31,
	2025		2024		2023
Numerator




Net income attributable to common stockholders for diluted earnings per share	$	1,625,033	$	462,190	$	209,825
Denominator
Weighted-average shares used in computing earnings per share:
Basic	2,369,612		2,250,163		2,147,446
Effect of dilutive shares	195,585		200,655		150,481
Diluted	2,565,197		2,450,818		2,297,927
Earnings per share
Earnings per share attributable to common stockholders:
Basic	$	0.69	$	0.21	$	0.10
Diluted	$	0.63	$	0.19	$	0.09

Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. There were outstanding potentially dilutive common stock equivalents for stock options and RSUs combined of 1.1 million and 175.2 million for the years ended December 31, 2025 and 2023, respectively, which were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect. There were no outstanding potentially dilutive common stock equivalents for stock options or RSUs for the year ended December 31, 2024.

As of December 31, 2025 and 2024, the Company had 11.3 million and 6.4 million Time-Vesting SARs outstanding, respectively, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time. No Time-Vesting SARs were outstanding as of December 31, 2023.