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


	Three Months Ended March 31,
	2026		2025
Numerator
Net income attributable to common stockholders for diluted earnings per share	$	870,527	$	214,031
Denominator
Weighted-average shares used in computing earnings per share:
Basic	2,393,869		2,348,679
Effect of dilutive shares	177,055		204,139
Diluted	2,570,924		2,552,818
Earnings per share
Earnings per share attributable to common stockholders:
Basic	$	0.36	$	0.09
Diluted	$	0.34	$	0.08

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-based compensation awards of 2 million for the three months ended March 31, 2026 and an immaterial amount for the three months ended March 31, 2025. These were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect.

As of March 31, 2026 and 2025, the Company had 12 million and 6 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.