EARNINGS PER SHARE

11. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2025, 2024, and 2023 consist of the following:


	Year Ended December 31,
($ in thousands except share amounts)		2025		2024		2023

Basic and Diluted Net income (loss) available for Class A common shareholders		$	64,182	$	108,255	$	101,125

Weighted average shares outstanding:
Basic		125,483,693		125,576,784		124,667,877
Diluted		126,194,691		125,785,295		124,882,398

The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2025, 2024, and 2023 consist of the following:


	Year Ended December 31,
(In thousands except share and per share amounts) (1)		2025		2024		2023
Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders		$	64,182	$	108,255	$	101,125
Denominator:
Weighted average number of shares of Class A common stock outstanding		125,483,693		125,576,784		124,667,877
Basic net income (loss) per share of Class A common stock		$	0.51	$	0.86	$	0.81

Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders		$	64,182	$	108,255	$	101,125



Diluted net income (loss) attributable to Class A common shareholders		64,182		108,255		101,125
Denominator:
Basic weighted average number of shares of Class A common stock outstanding		125,483,693		125,576,784		124,667,877
Add - dilutive effect of:

Incremental shares of unvested Class A restricted stock(1)		710,998		208,511		214,521

Diluted weighted average number of shares of Class A common stock outstanding (2)(3)		126,194,691		125,785,295		124,882,398
Diluted net income (loss) per share of Class A common stock		$	0.51	$	0.86	$	0.81

(1)The Company applies the treasury stock method.

(2)There were 8,438, 274,353 and 367,001 anti-dilutive shares for the years ended December 31, 2025, 2024 and 2023, respectively.