Three Months Ended

March 31,

2025

2024

(In thousands, except per share amounts)

BASIC EPS:

Net income (loss) (numerator):

Income (loss), net of tax

$

57,179

$

(9,002)

Less: net (income) loss attributable to noncontrolling interest

(24,191)

(25,331)

Less: accrued distribution on redeemable noncontrolling interest in subsidiary

(7,184)

(7,283)

Less: distributed and undistributed earnings allocated to unvested shareholders

(1,177)

—

Numerator for basic earnings per share:

Adjusted income (loss), net of tax - basic

$

24,627

$

(41,616)

Weighted-average number of shares outstanding - basic

10,460

9,176

Earnings (losses) per share:

Total Basic

$

2.35

$

(4.54)

DILUTED EPS:

Adjusted income (loss), net of tax - basic

$

24,627

$

(41,616)

Add: after tax interest expense of convertible notes

848

—

Add: effect of reallocating undistributed earnings of unvested shareholders

4

—

Adjusted income (loss), net of tax - diluted

$

25,479

$

(41,616)

Weighted-average number of shares outstanding - basic

10,460

9,176

Add: if converted dilutive effect of convertible notes

1,176

—

Add: dilutive effect of potential common shares

35

—

Weighted-average number of shares outstanding - diluted

11,671

9,176

Earnings (losses) per share:

Total Diluted

$

2.18

$

(4.54)