Year Ended December 31,

2025

 

2024

 

2023

(In thousands, except per share amounts)

BASIC EPS:

Net income (loss) (numerator):

Income (loss), net of tax

$

374,433

$

(87,987)

$

49,904

Less: net (income) loss attributable to noncontrolling interest

(87,809)

(88,097)

(61,688)

Less: deemed dividends to SPAC public shareholders

(1,000)

—

(8,638)

Less: accrued distribution on redeemable noncontrolling interest in subsidiary

(29,136)

(29,723)

(29,824)

Less: distributed and undistributed earnings allocated to unvested shareholders

(9,149)

—

Numerator for basic earnings per share:

Adjusted income (loss), net of tax - basic

$

247,339

$

(205,807)

$

(50,246)

Weighted-average number of shares outstanding - basic

13,193

9,202

9,159

Earnings (losses) per share:

Total Basic

$

18.75

$

(22.37)

$

(5.49)

DILUTED EPS:

Adjusted income (loss), net of tax - basic

$

247,339

$

(205,807)

$

(50,246)

Add: after tax interest expense of convertible notes

3,392

—

Add: effect of reallocating undistributed earnings of unvested shareholders

32

—

Adjusted income (loss), net of tax - diluted

$

250,763

$

(205,807)

$

(50,246)

Weighted-average number of shares outstanding - basic

13,193

9,202

9,159

Add: if converted dilutive effect of convertible notes

1,176

—

Add: dilutive effect of potential common shares

47

—

Weighted-average number of shares outstanding - diluted

14,416

9,202

9,159

Earnings (losses) per share:

Total Diluted

$

17.39

$

(22.37)

$

(5.49)