Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding and excludes any unvested restricted share units issued pursuant to the LTIP.

Diluted earnings (loss) per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted share units. During periods of net loss, the assumed vesting of restricted share units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Numerator for loss per share:
Net income (loss) attributable to common shareholders		$	(45,251)	$	(9,783)	$	(79,569)	$	(32,486)

Denominator for loss per share:
Weighted average common shares outstanding		45,687		39,616		44,303		39,094
Denominator for basic loss per share		45,687		39,616		44,303		39,094
Weighted average unvested restricted share units		2,016		1,435		1,694		1,210
Weighted average number of common shares from assumed conversion of Series B Preferred Stock		184		—		14		—
Denominator for diluted loss per share	(1)	45,687		39,616		44,303		39,094

Loss per weighted average common share:
Basic		$	(0.99)	$	(0.24)	$	(1.80)	$	(0.83)
Diluted		$	(0.99)	$	(0.24)	$	(1.80)	$	(0.83)

(1) If the Company sustains a net loss for the period presented, unvested restricted share units and convertible Series B Preferred Shares are not included in the diluted earnings per share calculation.