Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share was calculated as follows:

	Three Months Ended					Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
(Dollars in thousands, except share amounts)
Numerator:
Net income (loss)	$	112,760	$	(59,761	)	$	152,566	$	(116,748	)
Adjustment for expenses from pre-spin periods		-		-			24,960		-
Numerator for basic and diluted earnings per share	$	112,760	$	(59,761	)	$	177,526	$	(116,748	)
Denominator:
Weighted average common shares outstanding - basic (1)		166,003,497		-			166,003,497		-
Basic earnings per share	$	0.68	$	-		$	1.07	$	-
Weighted average common shares outstanding - diluted (2)		166,031,175		-			166,020,988		-
Diluted earnings per share	$	0.68	$	-		$	1.07	$	-

(1) Basic weighted average common shares for the three and six months ended June 30, 2025 represent the common shares issued at the Spin-Off, which are the common shares outstanding as of June 30, 2025. No publicly-listed shares were outstanding as of June 30, 2024.

(2) Diluted weighted shares for the three and six months ended June 30, 2025 include 28,300 RSUs granted in the aggregate to each member of tbe Board under the 2024 Incentive Plan on April 3, 2025. The RSUs were unvested as of June 30, 2025.