Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2024

NOTE 17. EARNINGS (LOSS) PER SHARE

The following tables present the computation of basic and diluted net earnings (loss) per share for the years indicated:


	Year Ended December 31, 2024
	(In thousands, except per share amounts)
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders	$	81,619	$	246	$	5,235	$	87,100
Less: Earnings allocated to unvested restricted stock (2)	58		—		—		58
Net earnings allocated to common and equivalent shares	$	81,677	$	246	$	5,235	$	87,158

Weighted average basic shares and unvested restricted stock
outstanding	158,321		477		10,123		168,921
Less: weighted average unvested restricted stock outstanding	(480)		—		—		(480)
Weighted average basic shares outstanding	157,841		477		10,123		168,441

Basic earnings per share	$	0.52	$	0.52	$	0.52	$	0.52

Diluted Earnings Per Share: (3)
Net earnings allocated to common and equivalent shares	$	81,619	$	246	$	5,235	$	87,100
Weighted average diluted shares outstanding	158,084		477		10,123		168,684
Diluted earnings per share	$	0.52	$	0.52	$	0.52	$	0.52

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(1) Basic earnings per share is using the two-class method.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings available to holders of unvested restricted stock, if any.

(3) Diluted earnings per share is using the treasury method.


									Year Ended
									December 31,
	Year Ended December 31, 2023								2022
	(In thousands, except per share amounts)
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock				Total
	Common		Common		Equivalents		Total		Common (1)
Basic (Loss) Earnings Per Share:
Net (loss) earnings available to common and equivalent
stockholders	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	404,274
Less: Earnings allocated to unvested restricted stock (2)	—		—		—		—		(7,474)
Net (loss) earnings allocated to common and equivalent
shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	396,800

Weighted average basic shares and unvested restricted
stock outstanding	85,603		40		920		86,563		78,875
Less: weighted average unvested restricted stock
outstanding	(1,169)		—		—		(1,169)		(1,604)
Weighted average basic shares outstanding	84,434		40		920		85,394		77,271

Basic (loss) earnings per share	$	(22.71)	$	22.71	$	22.71	$	(22.71)	$	5.14

Diluted (Loss) Earnings Per Share: (3)
Net (loss) earnings allocated to common and equivalent
shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)	$	396,800
Weighted average diluted shares outstanding	84,434		40		920		85,394		77,271
Diluted (loss) earnings per share	$	(22.71)	$	22.71	$	22.71	$	(22.71)	$	5.14

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(1) Share amounts for 2022 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings available to holders of unvested restricted stock, if any.

(3) Diluted earnings per share is using the two-class method.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted (loss) earnings per share because their effect would be anti-dilutive for the years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
	2024	2023	2022
	(In ones)
Restricted stock awards and units	480	1,169,407	1,604,412
Warrants	18,902	1,604,733	—