Earnings Per Share

9 Months Ended

Sep. 30, 2025

The following is a summary of the basic and diluted net loss per share computation for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per share data)	2025		2024		2025		2024
Loss from continuing operations	$	(62,580)	$	(52,958)	$	(189,606)	$	(82,066)
Preferred stock dividends	(10,935)		(10,936)		(32,807)		(32,808)
Adjustments to net loss attributable to common stockholders for common share equivalents	(351)		(130)		(1,297)		(532)
Adjusted net loss attributable to common stockholders - Continuing Operations	(73,866)		(64,024)		(223,710)		(115,406)
Income (loss) from discontinued operations	2,464		(12,677)		(84,032)		(42,984)
Adjusted net loss attributable to common stockholders	$	(71,402)	$	(76,701)	$	(307,742)	$	(158,390)


Weighted average common shares outstanding — Basic and Diluted	220,890,626		230,463,241		224,670,455		230,388,121

Net loss from continuing operations — Basic and Diluted	$	(0.33)	$	(0.28)	$	(1.00)	$	(0.50)
Net income (loss) from discontinued operations — Basic and Diluted	0.01		(0.05)		(0.37)		(0.19)
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.32)	$	(0.33)	$	(1.37)	$	(0.69)

Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, and certain of the Company’s RSUs, contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares and RSUs from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested RSUs, unvested Restricted Shares and unvested PSUs to be common share equivalents.

The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (see Note 12 — Equity-Based Compensation for additional information on all of the common share equivalents listed in the table below):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Unvested RSUs (1)	1,870,849	1,108,693	1,833,919	932,344
Unvested Restricted Shares (2)	170,198	357,783	255,010	456,921
Unvested PSUs (3)	3,165,179	1,288,072	3,075,793	1,288,072
Class A Units (4)	—	115,857	—	115,857
Total common share equivalents excluded from calculation	5,206,226	2,870,405	5,164,722	2,793,194

(1) There were 1,870,001 and 1,092,194 unvested RSUs issued and outstanding as of September 30, 2025 and 2024, respectively.

(2) There were 170,198 and 336,892 unvested Restricted Shares issued and outstanding as of September 30, 2025 and 2024, respectively.

(3) There were 3,165,179 PSUs outstanding as of September 30, 2025 and 1,288,072 outstanding as of September 30, 2024.

(4) There were no Class A units outstanding as of September 30, 2025 and 115,857 outstanding as of September 30, 2024.

No PSU share equivalents were included in the calculation for the three and nine months ended September 30, 2025 and 2024 since their impact was anti-dilutive