Earnings per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share

9. Earnings per Share

The holders of the Company’s Class A and Class B common stock (together, “common stock”) have identical liquidation and dividend rights but different voting rights. Accordingly, the Company presents the earnings per share (“EPS”) for Class A and Class B common stock together. Certain of the Company’s vested APC RSU awards are considered participating securities because these securities have non-forfeitable rights to dividend equivalents, and thus require the two-class method of computing earnings per share.

The following table sets forth the computation of basic and diluted net income per share of common stock:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2026			2025		2026			2025
	(in thousands)
Net income	$	13,339		$	10,100	$	33,657		$	24,661
Net income attributable to participating APC RSUs		(18	)		—		(18	)		—
Net income attributable to common stockholders — Basic   and Diluted	$	13,321		$	10,100	$	33,639		$	24,661
Weighted average common shares outstanding — Basic		47,570			35,000		45,454			35,000
Effect of dilutive securities:
APC RSUs and APC PSUs		15			—		9			—
Weighted average common shares outstanding — Diluted		47,585			35,000		45,463			35,000
Net income per share — Basic	$	0.28		$	0.29	$	0.74		$	0.70
Net income per share — Diluted	$	0.28		$	0.29	$	0.74		$	0.70

The effect of the 36 thousand participating APC RSUs was antidilutive for the three and nine months ended September 30, 2026, and such shares were excluded from the computation of diluted net income per share.