EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the table below (in thousands):


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Net income (loss)	$	427,810	$	(261,386)	$	1,470,916
Dividends on preferred stock	(1,666)		(4,230)		(4,840)
Deemed dividend on preferred stock(1)	(29,986)		—		—
Participating securities - preferred stock(2)	—		—		(212,360)
Net income (loss) attributable to common stockholders	$	396,158	$	(265,616)	$	1,253,716
Re-allocation of participating securities	—		—		2,475
Diluted net income (loss) attributable to common stockholders	$	396,158	$	(265,616)	$	1,256,191
Basic Shares	18,223		18,050		18,645
Dilutive Shares	18,440		18,050		18,902
Basic EPS	$	21.74	$	(14.72)	$	67.24
Dilutive EPS	$	21.48	$	(14.72)	$	66.46

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(1) Reflects the difference between the carrying value of the preferred stock and the cash settlement upon redemption, including $1.1 million in direct transaction-related costs.

(2) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.