18. Earnings Per Share

The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:

	Three Months Ended March 31,
Basic Earnings per Share	2026			2025
Net (loss)/income	$	(23,131	)	$	24,629
Less: Income distributed to participating securities		—			—
Less: Undistributed income allocable to participating securities		—			(24	)
Net (loss)/income available to common stockholders—Basic EPS	$	(23,131	)	$	24,605
Weighted average common shares (in thousands)		138,005			142,580
Basic (loss)/earnings per share	$	(0.17	)	$	0.17

	Three Months Ended March 31,
Diluted Earnings per Share	2026			2025
Net (loss)/income available to common stockholders	$	(23,131	)	$	24,605
Add back: Undistributed income allocable to participating securities		—			24
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		—			(23	)
Net (loss)/income available to common stockholders—Diluted EPS	$	(23,131	)	$	24,606
Weighted average diluted shares (in thousands):
Weighted average common shares		138,005			142,580
Dilutive effect of common stock equivalents, excluding participating securities		—			3,799
Weighted average diluted shares, excluding participating securities (in thousands)		138,005			146,379
Diluted (loss)/earnings per share	$	(0.17	)	$	0.17

Diluted (loss)/earnings per share presented above is calculated using the two-class method as this method results in the lowest diluted earnings per share amount for common stock. During the three months ended March 31, 2026 there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive non-participating common stock equivalents were 14,951 and 1,025 for the three months ended March 31, 2026 and 2025, respectively (shares herein are reported in thousands).

There were no potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three months ended March 31, 2025 as the Company’s average stock price was lower than the conversion price.

The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above:

	Three Months Ended March 31,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2026			2025
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		138,005	⁽¹⁾		146,545
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock		—			—
Potentially dilutive restricted stock awards		—			(166	)
Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above		138,005			146,379

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⁽¹⁾

Excludes 14,336 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2026 as the Company reported a net loss for the period.