Earnings Per Share |
Earnings Per Share The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Basic EPS | | | | | | | | Numerator: | | | | | | | | Net income | $ | 434,420 | | | $ | 108,639 | | | $ | 980,572 | | | $ | 184,478 | | Less: | | | | | | | | Income attributable to options exercised by promissory notes | (110) | | | (442) | | | (1,169) | | | (720) | | Income attributable to common stock subject to share repurchase agreements | — | | | (360) | | | (1,001) | | | (228) | | Income attributable to unvested early exercised options | — | | | (2) | | | (2) | | | (15) | | Net income attributable to common stockholders—Basic | $ | 434,310 | | | $ | 107,835 | | | $ | 978,400 | | | $ | 183,515 | | Denominator: | | | | | | | | Weighted-average shares used in computing net income per share—Basic | 336,931,269 | | | 341,435,759 | | | 336,167,052 | | | 357,009,609 | | Net income per share attributable to common stockholders—Basic: | $ | 1.29 | | | $ | 0.32 | | | $ | 2.91 | | | $ | 0.51 | | Diluted EPS | | | | | | | | Numerator: | | | | | | | | Net income | $ | 434,420 | | | $ | 108,639 | | | $ | 980,572 | | | $ | 184,478 | | Less: | | | | | | | | Income attributable to options exercised by promissory notes | (106) | | | (423) | | | (1,129) | | | (698) | | Income attributable to common stock subject to share repurchase agreements | — | | | (345) | | | (967) | | | (220) | | Income attributable to unvested early exercised options | — | | | (2) | | | (2) | | | (15) | | Net income attributable to common stockholders—Diluted | $ | 434,314 | | | $ | 107,869 | | | $ | 978,475 | | | $ | 183,545 | | Denominator: | | | | | | | | Weighted-average shares used in computing net income per share—Basic | 336,931,269 | | | 341,435,759 | | | 336,167,052 | | | 357,009,609 | | Weighted-average dilutive stock awards | 11,294,194 | | | 15,470,463 | | | 12,105,565 | | | 11,249,904 | | Weighted-average shares used in computing net income per share—Diluted | 348,225,463 | | | 356,906,222 | | | 348,272,617 | | | 368,259,513 | | Net income per share attributable to common stockholders—Diluted: | $ | 1.25 | | | $ | 0.30 | | | $ | 2.81 | | | $ | 0.50 | |
The following table presents the forms of antidilutive potential common shares: | | | | | | | | | | | | | As of September 30, | | 2024 | | 2023 | Stock options exercised for promissory notes | 85,000 | | | 1,399,999 | | Early exercised stock options | — | | | 5,736 | | Stock options | — | | | 613,968 | | Unvested RSUs | — | | | 4,747,127 | | ESPP | 32,784 | | | — | | Total antidilutive potential common shares | 117,784 | | | 6,766,830 | |
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