Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding and excludes any unvested restricted share units issued pursuant to the 2023 LTIP.

Diluted earnings (loss) per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted share units and assumed conversion of Series B Preferred Shares. During periods of net loss, the assumed vesting of restricted share units and the assumed conversion of Series B Preferred Shares is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


		Year Ended December 31,			Year Ended December 31,
		2025			2024
Numerator for loss per share:
Net income (loss) attributable to common shareholders		$	(130,192	)	$	(51,349	)

Denominator for earnings (loss) per share:
Weighted average common shares outstanding			46,252			40,229
Denominator for basic loss per share			46,252			40,229
Weighted average unvested restricted stock units			162			1,269
Weighted average number of common shares from assumed conversion of Series B Preferred Shares			397			—
Denominator for diluted earnings per share	(1)		46,252			40,229

Loss per weighted average common share:
Basic		$	(2.81	)	$	(1.28	)
Diluted		$	(2.81	)	$	(1.28	)

(1)

If the Company sustains a net loss for the period presented, unvested restricted share units and convertible Series B Preferred Shares are not included in the diluted earnings per share calculation.