Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2026

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	8,197	$	33,503	$	34,540	$	93,511
Less: preferred dividends and accretion	16,113		15,144		47,558		44,375
Net (loss) income to common stockholders	$	(7,916)	$	18,359	$	(13,018)	$	49,136
Basic:
Weighted average shares	154,014		152,727		153,616		152,465
(Loss) income per share	$	(0.05)	$	0.12	$	(0.08)	$	0.32
Diluted:
Effect of restricted stock and performance awards	—		1,363		—		885
Weighted average shares	154,014		154,090		153,616		153,350
(Loss) income per share	$	(0.05)	$	0.12	$	(0.08)	$	0.32

Potentially dilutive common shares issuable pursuant to equity-based awards of 720,294 and 1,241,815 were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2025, respectively, because their effect would have been anti-dilutive.

Since the Company had a net loss to common stockholders for the three and nine months ended September 30, 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, 6,340,510 shares of Common Stock equivalents were excluded from the calculation of diluted net loss per share during the three and nine months ended September 30, 2026, as they had an anti-dilutive effect.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the three and nine months ended September 30, 2026 and 2025, as the average market price of the Common Stock did not exceed the applicable conversion price during those periods.