Earnings per Common Share

12 Months Ended

Dec. 31, 2025

The following table provides the basic and diluted earnings per common share computations for the years ended December 31, 2025, 2024, and 2023.

Table 21.1 – Basic and Diluted Earnings per Common Share


	Years Ended December 31,
(In Thousands, except Share Data)	2025		2024		2023
Basic (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(77,041)	$	46,989	$	(8,958)
Less: Dividends and undistributed earnings allocated to participating securities	(5,642)		(4,391)		(3,999)
Net (loss) income (related) available to common stockholders	$	(82,683)	$	42,598	$	(12,957)
Basic weighted average common shares outstanding	130,250,167		132,050,825		116,283,328
Basic (Loss) Earnings per Common Share	$	(0.63)	$	0.32	$	(0.11)
Diluted (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(77,041)	$	46,989	$	(8,958)
Less: Dividends and undistributed earnings allocated to participating securities	(5,642)		(4,391)		(3,999)
Net (loss) income (related) available to common stockholders	$	(82,683)	$	42,598	$	(12,957)
Weighted average common shares outstanding	130,250,167		132,050,825		116,283,328
Net effect of dilutive equity awards	—		88,609		—
Net effect of assumed convertible notes conversion to common shares	—		—		—
Diluted weighted average common shares outstanding	130,250,167		132,139,434		116,283,328
Diluted (Loss) Earnings per Common Share	$	(0.63)	$	0.32	$	(0.11)

We included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights, in the calculations of basic and diluted earnings per common share as we determined that the two-class method was more dilutive than the alternative treasury stock method for these shares. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.

During the years ended December 31, 2025, 2024 and 2023, none of our convertible or exchangeable senior notes were determined to be dilutive and were not included in the calculation of diluted EPS under the "if-converted" method. Under this method, for the exchangeable senior notes due in 2025, and previously for the repaid convertible senior notes due in 2024 and 2023, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. For convertible notes due in 2027, if the potential conversion of the debt is dilutive, then the number of shares needed to settle the conversion premium are added to the shares outstanding used to calculate dilutive EPS.

During the year ended December 31, 2025, none of our Warrants were determined to be dilutive to our calculation of dilutive earnings per common share. The Warrants would have a dilutive effect on earnings per common share to the extent that the Warrants are vested and exercisable, and the average market value per share of our common stock exceeds the strike price of the Warrants.

For the years ended December 31, 2025, 2024 and 2023, 30,448,518, 32,422,712, and 42,229,598 of common shares, respectively, related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the years ended December 31, 2025, 2024 and 2023, the number of outstanding equity awards that were antidilutive totaled 89,565, 81,779 and 105,592, respectively.