Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of preferred stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the Company's convertible preferred stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock.

There were 0.2 million and 0.2 million shares of restricted stock that were considered dilutive for the three and six months ended June 30, 2025, respectively. There were 0.3 million shares of restricted stock that were considered anti-dilutive for the three months ended June 30, 2024, and 0.4 million shares of restricted stock that were considered dilutive for the six months ended June 30, 2024. There were 2.2 million potential shares of common stock issuable due to the Company's convertible preferred stock as of June 30, 2025. There were 3.1 million potential shares of common stock issuable due to the Company's convertible preferred stock as of June 30, 2024.

Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):


	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024
Net income (loss)	$	184,466	$	(26,212)
Dividends on preferred stock	(804)		(1,095)
Participating securities - preferred stock(1)	(20,622)		—
Net income (loss) attributable to common stockholders	$	163,040	$	(27,307)
Re-allocation of participating securities	205		—
Diluted net (loss) income attributable to common stockholders	$	163,245	$	(27,307)
Basic Shares	17,707		18,144
Dilutive Shares	17,907		18,144
Basic EPS	$	9.21	$	(1.51)
Dilutive EPS	$	9.12	$	(1.51)

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(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.


	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Net income	$	184,002	$	25,823
Dividends on preferred stock	(1,666)		(2,200)
Participating securities - preferred stock(1)	(20,385)		(3,469)
Net income attributable to common stockholders	$	161,951	$	20,154
Re-allocation of participating securities	217		64
Diluted net income attributable to common stockholders	$	162,168	$	20,218
Basic Shares	17,793		18,169
Dilutive Shares	18,009		18,573
Basic EPS	$	9.10	$	1.11
Dilutive EPS	$	9.01	$	1.09