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Earnings Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
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,
2024202320242023
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—Basic336,931,269 341,435,759 336,167,052 357,009,609 
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—Basic336,931,269 341,435,759 336,167,052 357,009,609 
Weighted-average dilutive stock awards11,294,194 15,470,463 12,105,565 11,249,904 
Weighted-average shares used in computing net income per share—Diluted348,225,463 356,906,222 348,272,617 368,259,513 
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,
20242023
Stock options exercised for promissory notes85,000 1,399,999 
Early exercised stock options— 5,736 
Stock options— 613,968 
Unvested RSUs
— 4,747,127 
ESPP32,784 — 
Total antidilutive potential common shares117,784 6,766,830