We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance based units and convertible preferred stock (collectively referred to as dilutive units) for all periods presented.

The following table represents net (loss) income per common share – basic and diluted (in thousands, except income
(loss) per share):


	Three Months Ended March 31,
	2026			2025
Numerator
Net income from continuing operations	$	164,653		$	24,339
Net (loss) income from discontinued operations		(183,681	)		4,533
Preferred stock dividends		(132	)		(138	)
Net (loss) income applicable to common stockholders	$	(19,160	)	$	28,734

Denominator
Basic weighted average common shares		670,392			632,047
Dilutive units		4,762			2,661
Diluted weighted average common shares		675,154			634,708

Basic income (loss) per share:
Income from continuing operations	$	0.25		$	0.04
(Loss) income from discontinued operations		(0.28	)		0.01
Basic (loss) earnings per common share	$	(0.03	)	$	0.05

Diluted earnings per common share
Income from continuing operations	$	0.24		$	0.04
(Loss) from discontinued operations		(0.27	)		0.01
Diluted (loss) earnings per common share	$	(0.03	)	$	0.05