Income (Loss) per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Income (Loss) per Share

Income (Loss) per Share

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	262,631	$	7,486	$	291,691	$	22,373
Plus: Net income effect of convertible securities	—		—		—		—
Numerator for diluted income per common share	$	262,631	$	7,486	$	291,691	$	22,373
Basic weighted-average common stock shares outstanding	49,633		55,729		51,237		57,283
Plus: dilutive effects of common stock equivalents	1,264		495		646		787
Diluted weighted-average common stock shares outstanding	50,897		56,224		51,883		58,070
Basic income per common share	$	5.29	$	0.13	$	5.69	$	0.39
Diluted income per common share	$	5.16	$	0.13	$	5.62	$	0.39
Diluted income per common share excludes the following equity instruments because their effect would be anti-dilutive:
Shares of unvested restricted stock	90		327		377		261
Shares of stock options	350		366		735		202