Basic earnings per share (“EPS”) is calculated using the weighted average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Three Months Ended March 31,
			2026		2025
		(in thousands)
Net income (loss) (numerator):
Net income (loss)			$	(93,764)	$	7,730
Income attributable to unvested shares			(172)		(98)
Numerator for basic			(93,936)		7,632
Income attributable to unvested shares			—		—
Numerator for dilutive			$	(93,936)	$	7,632

Weighted average shares (denominator):
Basic weighted average shares outstanding			104,258		103,758
Effect of dilutive securities			—		27
Diluted weighted average shares outstanding			104,258		103,785
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive			4,238		1,330