Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common stock outstanding during the respective period. The impact from potential shares of common stock on the diluted earnings per common share calculation are included only when dilutive.

Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):


	Successor		Predecessor
	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss	$	(265,906)	$	(3,749)
Dividends on preferred stock	(13,454)		—
Net loss attributable to common stockholders - Basic	$	(279,360)	$	(3,749)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	61,630,003		2,275,940

Income (loss) per common share:
Basic income (loss) per common share	$	(4.53)	$	(1.65)
Diluted income (loss) per common share	$	(4.53)	$	(1.65)

During the three months ended March 31, 2026, 1.3 million weighted-average shares of potential common stock related to outstanding warrants, convertible notes, and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.

During the three months ended March 31, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.