The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Under the two-class method, for periods with net income attributable to common stockholders, basic net income attributable to common stockholders per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Undistributed net income attributable to common stockholders is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net income attributable to common stockholders per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options and warrants. In addition to analyzing under the two-class method, the Company analyzes the potential dilutive effect of stock options and warrants under the treasury-stock method when calculating diluted income (loss) attributable to common stockholders per share of common stock, in which it is assumed that the stock options and warrants convert into common stock at the beginning of the period or date of issuance, if the stock option or warrant was issued during the period. The Company reports the more dilutive of the approaches (two-class or treasury-stock/if-converted) as its diluted net income (loss) attributable to common stockholders per share of common stock during the period.

Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the three months ended March 31, 2025, because the effects of potentially dilutive items were anti-dilutive for the respective periods. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted-average number of shares of common stock outstanding because their effect is anti-dilutive:


	Three months ended March 31,
	2026		2025
Basic net income (loss) per share of common stock:
Net income (loss)	$	37,890	$	(3,099)
Earnings allocated to participating securities	(1,573)		—
Net income (loss) attributable to shares of common stock	36,317		(3,099)
Less: Dividends declared or accumulated	—		—
Undistributed net income (loss) attributable to shares of common stock, basic	36,317		(3,099)
Weighted-average shares of common stock outstanding	58,406		54,096
Basic net income (loss) per share of common stock	$	0.62	$	(0.06)

Diluted net income (loss) per share of common stock:
Net income (loss) attributable to shares of common stock	$	36,317	$	(3,099)
Plus: Fair value adjustment income related to warrant liability	—		—
Net income (loss) attributable to shares of common stock, diluted	36,317		(3,099)
Weighted-average number of shares of common stock outstanding	58,406		54,096
Dilutive effect of outstanding stock options (as converted to common stock)	1,825		—
Weighted-average shares of common stock outstanding, diluted	60,230		54,096
Diluted net income (loss) per share of common stock	$	0.60	$	(0.06)