| Schedule of reconciliation of net loss and weighted-average shares of common stock outstanding |
The following table reconciles net income (loss) attributable to common stockholders and the weighted average shares outstanding for the basic calculation to the net income (loss) attributable to common stockholders and the weighted average shares outstanding for the diluted calculation for the periods indicated below ($ in thousands, except per share amounts): | | | | | | | | | | | | For the Years Ended | | | December 31, | | December 31, | | December 31, | | | 2025 | | 2024 | | | 2023 | Numerator | | | | | | | | | | Net income (loss) attributable to Target Hospitality Corp. Common Stockholders - basic | | $ | (37,121) | | $ | 71,265 | | $ | 173,700 | Change in fair value of warrant liabilities | | | — | | | — | | | (9,062) | Net income (loss) attributable to Target Hospitality Corp. Common Stockholders - diluted | | $ | (37,121) | | $ | 71,265 | | $ | 164,638 | | | | | | | | | | | Denominator | | | | | | | | | | Weighted average shares outstanding - basic | | | 99,520,649 | | | 100,135,249 | | | 101,350,910 | Dilutive effect of outstanding securities: | | | | | | | | | | Warrants | | | — | | | — | | | 1,469,598 | PSUs | | | — | | | 574,931 | | | 500,690 | SARs | | | — | | | 66,648 | | | 218,655 | Stock options | | | — | | | 156,132 | | | 494,536 | RSUs | | | — | | | 501,794 | | | 1,285,016 | Weighted average shares outstanding - diluted | | | 99,520,649 | | | 101,434,754 | | | 105,319,405 | | | | | | | | | | | Net income (loss) per share attributable to Target Hospitality Corp. Common Stockholders - basic | | $ | (0.37) | | $ | 0.71 | | $ | 1.71 | Net income (loss) per share attributable to Target Hospitality Corp. Common Stockholders - diluted | | $ | (0.37) | | $ | 0.70 | | $ | 1.56 |
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