NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to ordinary stockholders (in millions, except per share data):
Year ended December 31,
202520242023
Numerator:
Net income (loss)$(206.4)$162.2 $235.0 
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic375.8 371.8 366.3 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted375.8 372.1 366.8 
Net income (loss) per share, basic$(0.55)$0.44 $0.64 
Net income (loss) per share, diluted$(0.55)$0.44 $0.64 
The following outstanding employee equity awards were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in millions):
Year ended December 31,
202520242023
Stock options1.1 1.5 2.2 
RSUs18.4 14.4 10.9 
Total19.5 15.9 13.1 

For the years ended December 31, 2025, 2024 and 2023, 10.8 million, 10.9 million and 2.2 million PSUs, respectively, were excluded from the calculation of diluted net income per share, because the minimum performance measures were not yet met.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.