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