Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The following table details the components of basic and diluted EPS.


	Year ended December 31,
	2025		2024		2023
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:

Net loss	$	(1,906)	$	(113,175)	$	(38,947)
Less: Net income attributable to Subsidiary Series A Preferred Units	(14,863)		(14,806)		(12,581)
Net loss attributable to noncontrolling interest	10,831		5,822		—
Net loss attributable Summit Midstream Corporation	(5,938)		(122,159)		(51,528)

Less: Net income attributable to Series A Preferred Stock	(13,631)		(13,337)		(11,566)

Net loss attributable to common equity holders	$	(19,569)	$	(135,496)	$	(63,094)

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic	12,133		10,600		10,334
Effect of nonvested restricted stock units	—		—		—
Effect of assumed conversion and elimination of noncontrolling interest net income	—		—		—
Weighted-average number of shares outstanding – diluted	12,133		10,600		10,334

Net Loss per share:
Common Stock – basic	$	(1.61)	$	(12.78)	$	(6.11)
Common Stock – diluted	$	(1.61)	$	(12.78)	$	(6.11)
Class B Common Stock – basic and diluted	$	—	$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS	437		546		245
Class B Common Stock	6,527		592		—