Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.


	Successor				Predecessor
(in thousands, except per share data)	Three Months Ended June 30, 2025		Period from February 8, 2025 to June 30, 2025		Period from January 1, 2025 to February 7, 2025		Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net loss applicable to common stockholders	$	(228,436)	$	(193,920)	$	(51,024)	$	(60,196)	$	(234,110)

Weighted average common shares outstanding, basic	60,686		60,554		48,743		48,498		48,308
Weighted average effect of dilutive securities	—		—		—		—		—
Weighted average common shares outstanding, diluted	60,686		60,554		48,743		48,498		48,308


Basic loss per share	$	(3.76)	$	(3.20)	$	(1.05)	$	(1.24)	$	(4.85)
Diluted loss per share	$	(3.76)	$	(3.20)	$	(1.05)	$	(1.24)	$	(4.85)

There were 296,374, 231,580, 5,056,640, 4,951,558 and 5,254,089 share-based awards that were considered anti-dilutive for the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and three and six months ended June 30, 2024 (Predecessor), respectively.

The Company has Penny Warrants which participate in dividends with the Company’s common stock subject to certain contingencies. In the period in which the contingencies are met, those instruments are participating securities to which income will be allocated using the two-class method. The Penny Warrants were considered exercisable for little to no consideration and are therefore included in basic shares outstanding at their issuance date. Refer to Note 2 “Summary of Significant Accounting Policies” for further information regarding the Framework Agreement.