Basic net income per share of common stock excludes dilution and is reported separately for continuing operations and discontinued operations. Basic net income per share of common stock for continuing operations and discontinued operations is calculated by dividing net income from continuing operations and discontinued operations attributable to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted net income per share of common stock is computed by giving effect to all potential weighted average dilutive common stock. In periods of net loss, no potentially dilutive common shares are included in the diluted shares outstanding as the effect is anti-dilutive.

The number of additional shares of common stock related to restricted stock units (“RSUs”) and stock option awards is calculated using the treasury stock method, if dilutive.

For the three months ended March 31, 2026 and 2025, the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic EPS. For the three months ended March 31, 2026 and 2025, the Company's average applicable market value was greater than $15.28, resulting in no dilutive impact to EPS for TEUs. See Note 7 for further discussion of TEUs.

The following table sets forth the computation of basic and diluted net income per share attributable to common shareholders (in thousands, except per share amounts):


	For the Three Months Ended
	March 31,
	2026			2025
Numerator:
Net income from continuing operations	$	74,283		$	9,216
Less: Net loss attributable to noncontrolling interests		(157	)		(532	)
Net income from continuing operations attributable to common shareholders		74,440			9,748
Net income from discontinued operations		74,327			19,794
Net income attributable to common shareholders	$	148,767		$	29,542

Denominator:
Weighted-average shares outstanding - basic		204,712			201,005

Effect of dilutive securities:
Stock options		9,416			8,055
RSUs		7,193			5,867
TEUs		—			—
Weighted-average shares outstanding - diluted		221,321			214,927

Basic income per share attributable to common shareholders:
Continuing operations	$	0.36		$	0.05
Discontinued operations	$	0.37		$	0.10
Net income per share	$	0.73		$	0.15

Diluted income per share attributable to common shareholders:
Continuing operations	$	0.34		$	0.05
Discontinued operations	$	0.33		$	0.09
Net income per share	$	0.67		$	0.14

The following potentially common share equivalents were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):


	For the Three Months Ended
	March 31,
	2026		2025
Stock options		2,092		1,422
RSUs		—		—
TEUs		—		—
Total		2,092		1,422