Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2026

NET INCOME (LOSS) PER COMMON SHARE

Please refer to Note 1 for information regarding the Company’s treatment of its preferred stock and stock awards in the calculation of its basic and diluted net income or loss per common share and to Note 7 for information regarding the Company’s stock award activity for the periods presented. The following table presents the computations of basic and diluted net income or loss per common share for the periods indicated:


	Three Months Ended
	March 31,
($s in thousands)	2026		2025
Weighted average number of common shares outstanding - basic	200,084,349		90,492,327
Incremental common shares-unvested RSUs	—		—
Incremental common shares-unvested PSUs	—		—
Weighted average number of common shares outstanding - diluted	200,084,349		90,492,327

Net loss to common shareholders	$	(83,020)	$	(4,999)
Net loss per common share-basic	$	(0.41)	$	(0.06)
Net loss per common share-diluted	$	(0.41)	$	(0.06)

The calculation of diluted net loss per common share for the three months ended March 31, 2026 and March 31, 2025 excludes unvested RSUs and PSUs of 1,303,235 and 547,845, respectively, which would have been anti-dilutive for the period.