XML 58 R46.htm IDEA: XBRL DOCUMENT v3.25.2
EARNINGS PER SHARE AND EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The calculation of basic and diluted (loss) earnings per share is presented below:
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)2025202420252024
Net (loss) income
$(69,959)$(48,140)$50,205 $(98,437)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(11,100)(11,400)(22,501)(22,090)
Less: Dividends and accretion of redeemable preferred stock
20,957 17,610 42,798 34,585 
Net (loss) income attributable to stockholders
(79,816)(54,350)$29,908 $(110,932)
Less: Convertible preferred stock dividend
4,082 — 5,549 — 
Net (loss) income attributable to common stockholders
$(83,898)$(54,350)$24,359 $(110,932)
Weighted Average Common Stock Outstanding - Basic (1)
114,880,817 105,039,831 114,491,338 104,612,209 
Weighted Average Common Stock Outstanding - Diluted (1)
114,880,817 105,039,831 115,260,452 104,612,209 
(Loss) earnings per share:
Basic$(0.73)$(0.52)$0.21 $(1.06)
Diluted (2)
$(0.73)$(0.52)$0.21 $(1.06)
________________________________________________________
(1) Three and six months ended June 30, 2024 included penny warrants that were converted into common stock during the year ended December 31, 2024.
(2) Diluted earnings per share for the three and six months ended June 30, 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock. Diluted earnings per share for the three and six months ended June 30, 2024 includes the dilutive effect of subsidiary earnings per share.
Schedule of Stockholders' Equity Note, Warrants or Rights
A summary of the status of the Company’s outstanding stock warrants and changes during the six months ended June 30, 2025 is as follows:
Number of WarrantsWeighted Average Exercise Price
Outstanding as of December 31, 2024
3,342,566 $9.85 
Issued550,000 10.00 
Expired— — 
Exercised— — 
Outstanding as of June 30, 2025 (1)
3,892,566 $9.76 
Warrants exercisable as of June 30, 2025 (1)
3,892,566 $9.76