Earnings Per Share

3 Months Ended

Mar. 31, 2026

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Numerator:
Income (loss) from continuing operations	$	9,394	$	(3,377)
Less: Net (loss) income attributable to noncontrolling interests	(108)		213




Net income (loss) from continuing operations available to common stockholders, basic and diluted	$	9,502	$	(3,590)
Denominator:
Basic weighted-average common shares outstanding	395,154		386,271
Add: Dilutive effect of restricted stock awards	2,410		—


Diluted weighted-average common shares outstanding	397,564		386,271
Loss per share from continuing operations:
Basic	$	0.02	$	(0.01)
Diluted	$	0.02	$	(0.01)

Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 12 million of dilutive restricted stock awards for the three months ended March 31, 2025, as their effect would be anti-dilutive given the net loss incurred in the period. The calculation of diluted weighted-average shares excludes the impact of 17 million of anti-dilutive common stock equivalents for the three months ended March 31, 2026 and immaterial amounts of anti-dilutive common stock equivalents for the three months ended March 31, 2025.

We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable Notes on our diluted net income per share. Under the if-converted method, the Exchangeable Notes are assumed to be converted at the beginning of each period. The resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 33 million resulting common shares related to the 2026 Exchangeable Notes for the three months ended March 31, 2026, and approximately 57 million resulting common shares related to the Exchangeable Notes for the three months ended March 31, 2025, are not included in the dilutive weighted-average common shares outstanding calculation as their effect would be anti-dilutive.