Stock Compensation and Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	875	$	20.63
Granted	751	12.05
Vested	(345)	20.70
Forfeited	(35)	16.67
Outstanding awards, June 30, 2025	1,246	15.55

The total fair value of RSUs vested was $4.2 million during the six months ended June 30, 2025.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	259	$	22.96
Granted	241	12.31
Vested	—	—
Forfeited	(22)	18.06
Outstanding awards, June 30, 2025	478	17.82

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Stock compensation expense	$	2,493	$	2,538	$	6,390	$	6,673
Capitalized stock compensation	(306)		(268)		(486)		(437)
Stock compensation expense, net	$	2,187	$	2,270	$	5,904	$	6,236

As of June 30, 2025, there was $11.3 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.5 years.

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Calculation of net (loss) income per share:
Loss from continuing operations	$	(9,048)	$	(12,773)	$	(18,180)	$	(16,863)
Total (loss) income from discontinued operations, net of tax	—		(99)		—		218,687
Net (loss) income	$	(9,048)	$	(12,872)	$	(18,180)	$	201,824

Amounts attributable to common shareholders
Loss from continuing operations	$	(10,545)	$	(12,773)	$	(21,149)	$	(16,863)
Total (loss) income from discontinued operations	—		(99)		—		218,687
Net (loss) income attributable to common shareholders	$	(10,545)	$	(12,872)	$	(21,149)	$	201,824

Basic and diluted weighted average shares outstanding	55,103		54,730		55,032		52,620

Per share amounts attributable to common shareholders
Loss from continuing operations	$	(0.19)	$	(0.24)	$	(0.38)	$	(0.32)
(Loss) income from discontinued operations, net of tax	—		—		—		4.16
Net (loss) income per share	$	(0.19)	$	(0.24)	$	(0.38)	$	3.84

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends.

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. The following table presents potentially dilutive instruments:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2025	2024	2025	2024
Potentially dilutive equity awards	436	392	431	444
Potentially dilutive shares related to the Series A Preferred Stock	3,553	3,306	3,553	3,306
Total potentially dilutive instruments	3,989	3,698	3,984	3,750

Potentially dilutive instruments were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s loss from continuing operations for the periods.