Earnings per Share

12 Months Ended

Dec. 31, 2025

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


	Year Ended December 31,
	2025		2024		2023
Net (loss) income	$	(52,235)	$	(240,394)	$	137,240
Preferred dividends and accretion	59,797		55,670		51,691
Net (loss) income to common shareholders	(112,032)		(296,064)		85,549

Basic:
Weighted average common shares outstanding	152,537		151,754		150,942
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.57

Diluted:
Weighted average common shares outstanding	152,537		151,754		150,942
Effect of Restricted Stock and Performance Awards	—		—		1,080
Weighted average dilutive shares	152,537		151,754		152,022
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.56

Since the Company was in a loss position for the years ended December 31, 2025 and 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, 5,833,255 and 3,572,402 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the years ended December 31, 2025 and 2024, as they had an antidilutive effect.

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982, were excluded from the computation of diluted earnings per share for the year ended December 31, 2023, as their effect would have been antidilutive.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2025, 2024 and 2023, as the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception.