Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

Note 9 — Earnings Per Share

The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted earnings per share (“EPS”) amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands, except per share amounts):

	Three Months Ended			Three Months Ended
	June 30, 2025			June 30, 2024
	Income		Shares	Income		Shares
Basic:
Net income (loss)	$	(2,598)		$	32,289
Less: Undistributed earnings allocated to participating securities		—			(33)
Net income (loss) available to common shareholders, basic	$	(2,598)	148,515	$	32,256	152,234
Earnings (loss) per share, basic	$	(0.02)		$	0.21
Diluted:
Net income (loss) available to common shareholders, basic	$	(2,598)	148,515	$	32,256	152,234
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	2,790
Undistributed earnings reallocated to participating securities		—	—		1	—
Net income (loss) available to common shareholders, diluted	$	(2,598)	148,515	$	32,257	155,024
Earnings (loss) per share, diluted	$	(0.02)		$	0.21

	Six Months Ended			Six Months Ended
	June 30, 2025			June 30, 2024
	Income		Shares	Income		Shares
Basic:
Net income	$	474		$	6,002
Less: Undistributed earnings allocated to participating securities		—			(6)
Net income available to common shareholders, basic	$	474	149,770	$	5,996	152,301
Earnings per share, basic	$	0.00		$	0.04
Diluted:
Net income available to common shareholders, basic	$	474	149,770	$	5,996	152,301
Effect of dilutive securities:
Share-based awards other than participating securities		—	769		—	2,771
Undistributed earnings reallocated to participating securities		—	—		—	—
Net income available to common shareholders, diluted	$	474	150,539	$	5,996	155,072
Earnings per share, diluted	$	0.00		$	0.04

We had a net loss for the three-month period ended June 30, 2025. Accordingly, our diluted EPS calculation for this period excluded the dilutive effect of share-based awards because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):

	Three Months Ended
	June 30, 2025
Diluted shares (as reported)	148,515
Share-based awards	742
Total	149,257

The following potentially dilutive shares related to the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):

	Six Months Ended
	June 30,
	2025	2024
2026 Notes	—	2,594

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.