Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings per Common Share

The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2026 and 2025.

Table 21.1 – Basic and Diluted Earnings per Common Share


	Three Months Ended March 31,
(In Thousands, except Share Data)	2026		2025
Basic (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(7,253)	$	14,397
Less: Dividends and undistributed earnings allocated to participating securities	(1,256)		(1,412)
Net (loss) income (related) available to common stockholders	$	(8,509)	$	12,985
Basic weighted average common shares outstanding	124,769,331		132,766,199
Basic (Loss) Earnings per Common Share	$	(0.07)	$	0.10
Diluted (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(7,253)	$	14,397
Less: Dividends and undistributed earnings allocated to participating securities	(1,256)		(1,412)

Net (loss) income (related) available to common stockholders	$	(8,509)	$	12,985
Weighted average common shares outstanding	124,769,331		132,766,199
Net effect of dilutive equity awards	—		—

Diluted weighted average common shares outstanding	124,769,331		132,766,199
Diluted (Loss) Earnings per Common Share	$	(0.07)	$	0.10

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 three months ended March 31, 2026 and 2025, our convertible senior notes (and our exchangeable senior notes in 2025) were not determined to be dilutive and were not included in the calculation of diluted EPS under the "if-converted" method. Under this method, 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 three months ended March 31, 2026, 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 both the three months ended March 31, 2026 and 2025, 28,433,909 and 30,479,037 of common shares related to the assumed conversion of our convertible senior notes and our exchangeable senior notes (for the 2025 period), were antidilutive and were excluded in the calculation of diluted earnings per share, respectively.

For the three months ended March 31, 2026 and 2025, the number of outstanding equity awards that were antidilutive totaled 20,568 and 22,451 common shares, respectively.

For additional information regarding EPS, see Note 21 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.