Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Basic and Diluted Earnings Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is based on the weighted average number of shares outstanding for the period, including the dilutive effect of equity awards.

Basic and diluted earnings (loss) per stock was computed as follows:


	Predecessor
	Three Months Ended March 31, 2025
	Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)
Basic	$	(7,061)	40,164,443	$	(0.18)
Unvested restricted stock	—		—	—
Diluted	$	(7,061)	40,164,443	$	(0.18)


	Predecessor
	Period from January 1, 2026 through March 5, 2026
	Net Income		Average Shares Outstanding	Income Per Share
	(in thousands, except share and per share amounts)
Basic	$	107,879	40,650,388	$	2.65
Unvested restricted stock	—		8,872	—
Diluted	$	107,879	40,659,260	$	2.65


	Successor
	Period from March 6, 2026 through March 31, 2026
	Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)
Basic	$	(1,253)	13,949,990	$	(0.09)
Unvested restricted stock	—		—	—
Diluted	$	(1,253)	13,949,990	$	(0.09)

When the Company experiences a net loss, the diluted earnings (loss) per share calculation excludes all stock options, unvested restricted stock, and unvested restricted stock units because their inclusion would be anti-dilutive. For the 2026 Successor Period, the Company was in a net loss position but had no antidilutive securities. For the 2025 Predecessor Period, the Company had 103,289 antidilutive securities.

Share Capital

As discussed in Note 1 – Company and Organization, on the Plan Effective Date and pursuant to the terms of the Plan, all of the Company’s currently existing common stock was canceled. On the Plan Effective Date, the Company issued 100% of a single class of common equity interests to the holders of the 2028 Notes at a rate of 46.5 shares of new common stock for each $1,000 of 2028 Notes (for a total of 13,949,990 shares of new common stock), and the 2028 Notes were cancelled.