Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2026

4. Net Income (Loss) per Common Share

Net income (loss) per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS:


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
	(in thousands, except per share amounts)
Numerator:
Net income (loss)	$	(3,900	)	$	185,031	$	(51,314	)	$	281,335

Denominator:
Weighted average shares outstanding, basic		107,564			110,922		108,710			112,291
Dilutive effect of options and RSUs		—			274		—			468
Weighted average shares outstanding, diluted		107,564			111,196		108,710			112,759

Net income (loss) per share:
Basic	$	(0.04	)	$	1.67	$	(0.47	)	$	2.51
Diluted	$	(0.04	)	$	1.66	$	(0.47	)	$	2.50

Antidilutive and contingent RSUs excluded from diluted EPS		1,265			767		1,186			427