Basic net income (loss) per common share is computed by first subtracting preferred stock dividends, if any, from net income (loss) to arrive at net income (loss) available to common stockholders, and then dividing net income (loss) available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted-average common shares outstanding for the period, which reflects the potential dilution of non-vested equity-based compensation awards and outstanding preferred stock. In periods where the Company has a net loss, the non-vested equity-based compensation awards and outstanding preferred stock are excluded from the calculation of diluted net loss per common share as their effect would be anti-dilutive. See Notes 8 and 9 in the 2024 Annual Report for additional discussion of the Company's preferred stock and equity-based compensation awards, respectively.


	Three months ended June 30,				Six months ended June 30,
(in thousands, except for per share data)	2025		2024		2025		2024
Net income (loss)	$	(582,572)	$	36,702	$	(601,409)	$	(29,429)
Less: preferred stock dividends	—		303		—		652
Net income (loss) available to common stockholders	$	(582,572)	$	36,399	$	(601,409)	$	(30,081)
Weighted-average common shares outstanding:
Basic	37,761		36,381		37,670		35,973
Dilutive non-vested restricted stock awards	—		104		—		—

Dilutive non-vested share-settled performance share unit awards	—		12		—		—

Dilutive preferred stock	—		1,108		—		—
Diluted	37,761		37,605		37,670		35,973
Net income (loss) per common share:
Basic	$	(15.43)	$	1.00	$	(15.97)	$	(0.84)
Diluted	$	(15.43)	$	0.98	$	(15.97)	$	(0.84)

Anti-dilutive weighted-average common shares outstanding(1):

Non-vested restricted stock awards	986		157		970		268
Non-vested share-settled performance share unit awards	—		—		10		10
Preferred stock	—		—		—		1,169