Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

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


	Successor		Predecessor
	Period from March 13, 2025 through March 31, 2025		Period from January 1, 2025 through March 12, 2025		Three Months Ended March 31, 2024

Numerator
Net income (loss)	$	(10,936)	$	72,216	$	(142,635)


Denominator
Weighted-average shares outstanding, basic	19,685		109,525		109,430
Effect of dilutive shares	—		—		—
Adjusted weighted-average shares outstanding, diluted	19,685		109,525		109,430
Earnings (loss) per share
Basic earnings (loss) per common share	$	(0.56)	$	0.66	$	(1.30)
Diluted earnings (loss) per common share	$	(0.56)	$	0.66	$	(1.30)

During the Current Predecessor Period, warrants in connection with the Payroll Support Program to purchase 913,383 shares of common stock were excluded from the computation of diluted EPS because the exercise price was greater than the average market price, making them antidilutive. Anti-dilutive common stock equivalents related to outstanding equity awards were also excluded from the diluted loss per share calculation for any of the periods presented and are not material.