Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Net income (loss)	$	33,503	$	(141,354)	$	93,511	$	(113,491)
Less: preferred dividends and accretion	15,144		14,080		44,375		41,332
Net income (loss) to common shareholders	$	18,359	$	(155,434)	$	49,136	$	(154,823)
Basic:
Weighted average shares	152,727		151,923		152,465		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)
Diluted:
Effect of restricted stock and performance awards	1,363		—		885		—
Weighted average shares	154,090		151,923		153,350		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)

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, as their effect would have been antidilutive. Since the Company was in a loss position for the three and nine months ended September 30, 2024, basic net loss per share to common shareholders 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, 3,834,690 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, 2024, as they had an antidilutive effect.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the nine months ended September 30, 2025 and 2024, as the average market price of the Company’s common stock did not exceed the applicable conversion price during those periods.