Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

Note 9 — Earnings Per Share

The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted earnings per share (“EPS”) amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands, except per share amounts):


		Three Months Ended					Three Months Ended
		March 31, 2026					March 31, 2025
		Income			Shares		Income			Shares
Basic:
Net income (loss)		$	(13,406)				$	3,072
Less: Undistributed earnings allocated to participating securities			—					(2)
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039

Earnings (loss) per share, basic		$	(0.09)				$	0.02

Diluted:
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039
Effect of dilutive securities:
Share-based awards other than participating securities			—		—			—		1,135
Net income (loss) available to common shareholders, diluted		$	(13,406)		147,163		$	3,070		152,174

Earnings (loss) per share, diluted		$	(0.09)				$	0.02

We had a net loss for the three-month period ended March 31, 2026. Accordingly, our diluted EPS calculation for this period excluded the dilutive effect of share-based awards because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


		Three Months Ended
		March 31, 2026
Diluted shares (as reported)		147,163
Share-based awards		629
Total		147,792

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.