Earnings Per Share

3 Months Ended

Mar. 31, 2026

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
BASIC


Net income (loss) attributable to common shareholders	$	(1,942)	$	17,279
Weighted-average number of common shares outstanding - basic	58,163,030		58,341,212

Net income (loss) attributable to common shareholders - per common share basic	$	(0.03)	$	0.30

DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,942)	$	17,279





Weighted-average common shares outstanding - basic	58,163,030		58,341,212
Effect of dilutive securities:

Unvested share-based payment awards	—		118,442




Weighted-average common shares outstanding - diluted	58,163,030		58,459,654


Net income (loss) attributable to common shareholders - per common share diluted	$	(0.03)	$	0.30

For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:


	Three Months Ended March 31,
	2026	2025

Unvested participating securities	8,015	2,406
Nonvested participating shares	202,186	—
Preferred shares - Series C	942,114	942,114