Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2025

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, 2025
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders	$	179,149	$	565	$	9,471	$	189,185
Less: Earnings allocated to unvested restricted stock (2)	(130)		—		—		(130)
Net earnings allocated to common and equivalent shares	$	179,019	$	565	$	9,471	$	189,055

Weighted average basic shares and unvested restricted stock outstanding	151,456		477		8,001		159,934
Less: weighted average unvested restricted stock outstanding	(127)		—		—		(127)
Weighted average basic shares outstanding	151,329		477		8,001		159,807

Basic earnings per share	$	1.18	$	1.18	$	1.18	$	1.18

Diluted Earnings Per Share: (3)
Net earnings available to common and equivalent stockholders	$	179,149	$	565	$	9,471	$	189,185
Reallocation of net earnings as a result of conversion of NVCE to Voting Common	9,471		—		—		—
Reallocation of net earnings	7		(7)		1,234		—
Net earnings for diluted earnings per share	$	188,627	$	558	$	10,705	$	189,185

Weighted average diluted shares outstanding	152,096		477		9,151		161,724
Conversion on NVCE to Voting Common	9,151		—		—		—
Shares used in computation of diluted earnings per share	161,247		477		9,151		161,724

Diluted earnings per share	$	1.17	$	1.17	$	1.17	$	1.17

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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, 2024
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
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

______________________________

(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, 2023
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
Basic Loss Per Share:
Net loss available to common and equivalent stockholders	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)
Less: Earnings allocated to unvested restricted stock (1)	—		—		—		—
Net loss allocated to common and equivalent shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)

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

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

Diluted Loss Per Share: (2)
Net loss allocated to common and equivalent shares	$	(1,917,121)	$	(920)	$	(20,884)	$	(1,938,925)
Weighted average diluted shares outstanding	84,434		40		920		85,394
Diluted loss per share	$	(22.71)	$	(22.71)	$	(22.71)	$	(22.71)

______________________________

(1) 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.

(2) 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 earnings (loss) per share because their effect would be anti-dilutive for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025	2024	2023
	(In thousands)
Restricted stock awards and units	127	480	1,169
Warrants	—	18,902	1,605