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Note 5 - Income (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Income (Loss) Per Common Share

Note 5. Income (Loss) Per Common Share

 

We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance-based units, and convertible preferred stock (collectively referred to as dilutive units) for all periods presented.

 

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income
(loss) per share):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

117,876

 

 

$

26,910

 

 

$

282,529

 

 

$

51,249

 

Income (loss) from discontinued operations

 

 

—

 

 

 

30,795

 

 

 

(183,681

)

 

 

35,328

 

Preferred stock dividends

 

 

(132

)

 

 

(138

)

 

 

(264

)

 

 

(276

)

Net income applicable to common stockholders

 

$

117,744

 

 

$

57,567

 

 

$

98,584

 

 

$

86,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares

 

 

670,763

 

 

 

636,928

 

 

 

670,579

 

 

 

634,339

 

Dilutive units

 

 

5,123

 

 

 

2,811

 

 

 

5,286

 

 

 

2,652

 

Diluted weighted average common shares

 

 

675,886

 

 

 

639,739

 

 

 

675,865

 

 

 

636,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.18

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Basic earnings per common share

 

$

0.18

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.17

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Diluted income per common share

 

$

0.17

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14