Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the table below (in thousands):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net income (loss)	$	165,822	$	(464)
Dividends on preferred stock	—		(862)
Participating securities - preferred stock(1)	—		—
Net income (loss) attributable to common stockholders	$	165,822	$	(1,326)
Re-allocation of participating securities	—		—
Diluted net income (loss) attributable to common stockholders	$	165,822	$	(1,326)
Basic Shares	18,554		17,881
Dilutive Shares	18,695		17,881
Basic EPS	$	8.94	$	(0.07)
Dilutive EPS	$	8.87	$	(0.07)

_____________________

(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses. The Company redeemed all outstanding preferred stock on September 5, 2025.