| Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Numerator: | | | | | | | | | Net (loss) income | $ | (523,811) | | | $ | 120,394 | | | $ | (429,249) | | | $ | 194,442 | | | Less: Preferred stock dividends | (2,315) | | | (2,315) | | | (4,629) | | | (4,629) | | | | | | | | | | | Less: Net loss (income) attributable to noncontrolling interests | 19,665 | | | (4,060) | | | 16,290 | | | (6,909) | | | Less: Net income attributable to participating securities | (441) | | | (592) | | | (1,449) | | | (1,131) | | | Net (loss) income attributable to common stockholders | $ | (506,902) | | | $ | 113,427 | | | $ | (419,037) | | | $ | 181,773 | | | Add back: Net loss attributable to noncontrolling interests | — | | | — | | | (16,470) | | | — | | | Numerator for diluted net (loss) income attributable to common stockholders | $ | (506,902) | | | $ | 113,427 | | | $ | (435,507) | | | $ | 181,773 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted average shares of common stock outstanding – basic | 223,812,383 | | | 236,098,831 | | | 226,049,970 | | | 231,771,448 | | | | | | | | | | | Effect of dilutive securities - noncontrolling interests | — | | | — | | | 8,585,633 | | | — | | | Weighted average shares of common stock outstanding – diluted | 223,812,383 | | | 236,098,831 | | | 234,635,603 | | | 231,771,448 | | | | | | | | | | | Earnings per share - Basic | | | | | | | | | Net (loss) income attributable to common stockholders | $ | (2.26) | | | $ | 0.48 | | | $ | (1.85) | | | $ | 0.78 | | | Earnings per share - Diluted | | | | | | | | | Net (loss) income attributable to common stockholders | $ | (2.26) | | | $ | 0.48 | | | $ | (1.86) | | | $ | 0.78 | |
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