
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except share data)	2026		2025		2026		2025
Basic Earnings (Loss) Per Share:


Net income (loss)	$	62,245	$	(259,041)	$	94,529	$	(338,096)


Dividends on preferred stock	(12,866)		(13,239)		(25,673)		(26,425)

Dividends and undistributed earnings allocated to participating equity-based awards	(550)		(344)		(831)		(748)
Net income (loss) attributable to common stockholders, basic	$	48,829	$	(272,624)	$	68,025	$	(365,269)
Basic weighted average common shares	104,937,007		104,084,326		104,906,993		104,030,680
Basic earnings (loss) per weighted average common share	$	0.47	$	(2.62)	$	0.65	$	(3.51)
Diluted Earnings (Loss) Per Share:
Net income (loss) attributable to common stockholders, basic	$	48,829	$	(272,624)	$	68,025	$	(365,269)
Reallocation impact of undistributed earnings to participating equity-based awards	1		—		—		—

Interest expense attributable to dilutive convertible notes	—		—		—		—
Net income (loss) attributable to common stockholders, diluted	$	48,830	$	(272,624)	$	68,025	$	(365,269)
Basic weighted average common shares	104,937,007		104,084,326		104,906,993		104,030,680
Effect of dilutive shares issued in an assumed vesting of contingently issuable equity-based awards	490,310		—		468,560		—
Effect of dilutive shares issued in an assumed conversion of convertible notes	—		—		—		—
Diluted weighted average common shares	105,427,317		104,084,326		105,375,553		104,030,680
Diluted earnings (loss) per weighted average common share	$	0.46	$	(2.62)	$	0.65	$	(3.51)

For the three months ended June 30, 2026, participating RSAs and RSUs were included in the calculation of basic and diluted earnings per share under the two-class method, as the impact was more dilutive than the alternative treasury stock method. For the six months ended June 30, 2026 and the three and six months ended June 30, 2025, excluded from the calculation of diluted earnings per share was the effect of adding undistributed earnings reallocated to participating RSAs and RSUs, as their inclusion would have been antidilutive for these periods.

For the three and six months ended June 30, 2026, the assumed vesting of outstanding PSUs was included in the calculation of diluted earnings per share under the two-class method, as it was more dilutive than the alternative treasury stock method. For the three and six months ended June 30, 2025, excluded from the calculation of diluted earnings per share was the effect of adding weighted average common share equivalents related to the assumed vesting of outstanding PSUs, as their inclusion would have been antidilutive for these periods.

For the six months ended June 30, 2026 and the three and six months ended June 30, 2025, excluded from the calculation of diluted earnings per share was the effect of adding the assumed conversion of the Company’s convertible senior notes, as inclusion would have been antidilutive under the two-class method for these periods. The assumed conversion of the Company’s convertible senior notes had no impact on the calculation of diluted earnings per share for the three months ended June 30, 2026, as the convertible senior notes were repaid on their January 15, 2026 maturity date.