Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

Earnings per Common Share

The following table provides the basic and diluted earnings per common share computations for the three and six months ended June 30, 2026 and 2025.

Table 21.1 – Basic and Diluted Earnings per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, except Share Data)	2026		2025		2026		2025
Basic (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(2,858)	$	(100,249)	$	(10,111)	$	(85,852)
Less: Dividends and undistributed earnings allocated to participating securities	(1,461)		(1,413)		(2,717)		(2,825)
Net (loss) income (related) available to common stockholders	$	(4,319)	$	(101,662)	$	(12,828)	$	(88,677)
Basic weighted average common shares outstanding	125,333,440		133,006,312		125,052,944		132,886,919
Basic (Loss) Earnings per Common Share	$	(0.03)	$	(0.76)	$	(0.10)	$	(0.67)
Diluted (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(2,858)	$	(100,249)	$	(10,111)	$	(85,852)
Less: Dividends and undistributed earnings allocated to participating securities	(1,461)		(1,413)		(2,717)		(2,825)

Net (loss) income (related) available to common stockholders	$	(4,319)	$	(101,662)	$	(12,828)	$	(88,677)
Weighted average common shares outstanding	125,333,440		133,006,312		125,052,944		132,886,919
Net effect of dilutive equity awards	—		—		—		—

Diluted weighted average common shares outstanding	125,333,440		133,006,312		125,052,944		132,886,919
Diluted (Loss) Earnings per Common Share	$	(0.03)	$	(0.76)	$	(0.10)	$	(0.67)

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 and six months ended June 30, 2026 and 2025, our convertible senior notes (and, for 2025, our exchangeable senior notes) 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 and six months ended June 30, 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 and six months ended June 30, 2026, 28,433,909 of common shares related to the assumed conversion of our convertible senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share, respectively. For both the three and six months ended June 30, 2025, 30,479,037 of common shares related to the assumed conversion of our convertible senior notes and our exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share, respectively.

For the three and six months ended June 30, 2026, the number of outstanding equity awards that were antidilutive totaled 22,500 and 43,068 common shares, respectively. For the three and six months ended June 30, 2025, the number of outstanding equity awards that were antidilutive totaled 22,796 and 45,247 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.