EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Basic and diluted earnings per common share (“EPS”) for the three and six months ended June 30, 2026, and 2025, were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	204,887	$	(492,282)	$	342,443	$	(332,179)
Denominator:
Weighted average common shares outstanding - basic	49,115		55,783		49,695		55,946
Plus: Dilutive effect of stock options and unvested restricted stock units	513		—		469		—
Weighted average common shares outstanding - diluted	49,628		55,783		50,164		55,946

Net income (loss) per common share:
Basic	$	4.17	$	(8.82)	$	6.89	$	(5.94)
Diluted	$	4.13	$	(8.82)	$	6.83	$	(5.94)

In the three and six months ended June 30, 2026, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and therefore excluded from the calculation of diluted EPS. In the three and six months ended June 30, 2025, 0.5 million outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.