Earnings Per Share

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended March 31,
(In thousands, except share and per share data)	2026		2025
Loss from continuing operations	$	(8,361)	$	(95,168)
Preferred stock dividends	(10,936)		(10,936)
Adjustments to net loss attributable to common stockholders for common share equivalents	(537)		(347)
Adjusted net loss attributable to common stockholders - Continuing Operations	(19,834)		(106,451)
Income (loss) from discontinued operations	3,283		(94,211)
Adjusted net loss attributable to common stockholders	$	(16,551)	$	(200,662)


Weighted average common shares outstanding — Basic and Diluted	214,039,512		230,263,709

Net loss from continuing operations — Basic and Diluted	$	(0.09)	$	(0.46)
Net income (loss) from discontinued operations — Basic and Diluted	0.01		(0.41)
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.08)	$	(0.87)

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 unvested 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 certain unvested 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 Restricted Shares, unvested RSUs 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 months ended March 31, 2026 and 2025 (see Note 12 — Equity-Based Compensation for additional information on all of the common share equivalents listed in the table below):


	Three Months Ended March 31,
	2026	2025
Unvested RSUs (1)	1,994,953	1,748,712
Unvested Restricted Shares (2)	168,656	329,313
Unvested PSUs (3)	4,721,647	2,894,041
Total common share equivalents excluded from calculation	6,885,256	4,972,066

(1) There were 1,862,045 and 1,915,488 unvested RSUs issued and outstanding as of March 31, 2026 and 2025, respectively.

(2) There were 168,656 and 325,267 unvested Restricted Shares issued and outstanding as of March 31, 2026 and 2025, respectively.

(3) There were 4,757,021 PSUs outstanding as of March 31, 2026 and 3,165,179 outstanding as of March 31, 2025.

No PSU share equivalents were included in the calculation for the three months ended March 31, 2026 and 2025 since their impact was anti-dilutive.