Earnings (Loss) Per Share

The following table sets forth the computation of basic and dilutive earnings (loss) per share for the:


	Three Months ended March 31,
(In thousands, except share and per share data)	2026		2025
Basic and Diluted Shares
Numerator:
Net income	$	7,349	$	9,939
Less: accretion adjustment to redeemable preferred stock (1)	—		(3,381)
Less: allocation to participating preferred stock	—		(2,030)

Net income available to common stockholders (2)	$	7,349	$	4,528

Denominator:
Weighted average Common Stock outstanding – Basic
Class A Common Stock	94,805,994		93,350,000
Class B Common Stock	43,435,000		—
Weighted average Common Stock outstanding – Basic	138,240,994		93,350,000
Basic earnings per share - Class A Class B Common Stock	$	0.05	$	0.05

Weighted average Common Stock outstanding Class A Class B Common Stock – Basic	138,240,994		93,350,000
Dilutive shares from stock options	6,491,748		—
Dilutive shares from RSUs	1,023,303		—
Total weighted average Class A and Class B Common Stock outstanding – Diluted	145,756,044		93,350,000
Diluted earnings per share - Class A and Class B Common Stock	$	0.05	$	0.05

The potential shares of common stock that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows:


	Three Months ended March 31,
	2026	2025
Time Vesting Options (3)	—	5,789,000
Performance Vesting Options (4)	—	5,789,000

Restricted Stock Units(5)	21,810	—

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(1)Represents the accretion of the redeemable preferred stock to its redemption value and includes both the effect of cumulative undeclared dividends and the accretion of issuance costs for the applicable periods.

(2)Net income (loss) available to common stockholders for the three months ended March 31, 2025, included $530 of IPO transaction costs that were reimbursed to the Company by the selling stockholders on October 2, 2025.

(3)The Time Vesting Options were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2025, as their inclusion would have been anti-dilutive.

(4)Performance Vesting Options have a performance condition. For the three months ended March 31, 2025, the performance condition was not met and therefore, these options were excluded from the dilutive earnings per share computation.

(5)The Restricted Stock Units were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2026, as their inclusion would have been anti-dilutive.