(Loss) Earnings Per Share

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended March 31,
		2026		2025
Net income		$	1,997	$	16,746
Less: preferred dividends and accretion		15,537		14,443
Net (loss) income to common stockholders		$	(13,540)	$	2,303
Basic:
Weighted average shares		152,956		152,076
(Loss) income per share		$	(0.09)	$	0.02
Diluted:
Effect of restricted stock and performance awards		—		707
Weighted average shares		152,956		152,783
(Loss) income per share		$	(0.09)	$	0.02

Since the Company had a Net loss to common stockholders for the three months ended March 31, 2026, basic net loss per share to common stockholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. As such, 6,831,154 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the three months ended March 31, 2026, as they had an antidilutive effect.

Potentially dilutive common shares issuable pursuant to equity-based awards of 1,107,733 were excluded from the computation of diluted earnings per share for the three months ended March 31, 2025, as their effect would have been antidilutive.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the three months ended March 31, 2026 and 2025, as the average market price of the Company’s common stock did not exceed the applicable conversion price during those periods.