Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Computation of Basic and Dilutive Earnings (Loss) Per Share

The following table sets forth the computation of basic and dilutive earnings (loss) per share for the:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2026		2025		2026		2025
Basic and Diluted Shares
Numerator:
Net income	$	15,796	$	11,620	$	23,145	$	21,559
Less: accretion adjustment to redeemable preferred stock (1)	—		(3,467)		—		(6,848)
Less: allocation to participating preferred stock	—		—		—		(2,030)
Less: cash dividend paid on redeemable preferred stock	—		(54,170)		—		(54,170)
Net income available to common stockholders (2)	$	15,796	$	(46,017)	$	23,145	$	(41,489)

Denominator:
Weighted average Common Stock outstanding – Basic
Class A Common Stock	94,368,040		93,350,000		94,585,808		93,350,000
Class B Common Stock	43,435,000		—		43,435,000		—
Weighted average Common Stock outstanding – Basic	137,803,040		93,350,000		138,020,808		93,350,000
Basic earnings per share - Class A Class B Common Stock	$	0.11	$	(0.49)	$	0.17	$	(0.44)

Weighted average Common Stock outstanding Class A Class B Common Stock – Basic	137,803,040		93,350,000		138,020,808		93,350,000
Dilutive shares from stock options	6,672,184		—		6,581,966		—
Dilutive shares from RSUs	1,718,034		—		1,370,668		—
Total weighted average Class A and Class B Common Stock outstanding – Diluted	146,193,258		93,350,000		145,973,442		93,350,000
Diluted earnings per share - Class A and Class B Common Stock	$	0.11	$	(0.49)	$	0.16	$	(0.44)

Schedule of Potential Antidilutive Securities Excluded from the Computation of Diluted Earnings (Loss) Per Share

The potential shares of common stock that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Time Vesting Options (3)	—	5,784,000	—	5,784,000
Performance Vesting Options (4)	—	5,784,000	—	5,784,000

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(1)Represents the accretion of the redeemable preferred stock to its redemption value and includes both the effect of cumulative undeclared dividends and the accretion of issuance costs for the applicable periods.

(2)Net income (loss) available to common stockholders for the three and six months ended June 30, 2025, included $2.9 million and $3.5 million of IPO transaction costs that were reimbursed to the Company by the selling stockholders on October 2, 2025.

(3)The Time Vesting Options were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2025, as their inclusion would have been anti-dilutive.

(4)Performance Vesting Options have a performance condition. For the three and six months ended June 30, 2025, the performance condition was not met and therefore, these options were excluded from the dilutive earnings per share computation.