| Schedule of Earnings (Loss) Per Share, Basic and Diluted |
The following table presents a reconciliation of the net earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | | | |
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