Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share

Earnings Per Share

Note 12 — Earnings Per Share

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

	Year Ended December 31,
	2024			2023			2022
	Income		Shares	Income		Shares	Income		Shares
Basic:
Net income (loss)	$	55,637		$	(10,838)		$	(87,784)
Less: Undistributed earnings allocated to participating securities		(53)			—			—
Net income (loss) available to common shareholders, basic	$	55,584	151,989	$	(10,838)	150,917	$	(87,784)	151,276
Earnings (loss) per share, basic	$	0.37		$	(0.07)		$	(0.58)

	Year Ended December 31,
	2024			2023			2022
	Income		Shares	Income		Shares	Income		Shares
Diluted:
Net income (loss) available to common shareholders, basic	$	55,584	151,989	$	(10,838)	150,917	$	(87,784)	151,276
Effect of dilutive securities:
Share-based awards other than participating securities		—	2,710		—	—		—	—
Undistributed earnings reallocated to participating securities		1	—		—	—		—	—
Net income (loss) available to common shareholders, diluted	$	55,585	154,699	$	(10,838)	150,917	$	(87,784)	151,276
Earnings (loss) per share, diluted	$	0.36		$	(0.07)		$	(0.58)

We had net losses for the years ended December 31, 2023 and 2022. Accordingly, our diluted EPS calculation for these periods 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 periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):

	Year Ended December 31,
	2023	2022
Diluted shares (as reported)	150,917	151,276
Share-based awards	3,154	2,158
Total	154,071	153,434

The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):

	Year Ended December 31,
	2024	2023	2022
2022 Notes	—	—	600
2023 Notes	—	2,247	3,168
2026 Notes	1,297	28,139	28,676

We have outstanding RSUs (Note 13) 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.