v3.26.1
Earnings Per Share ("EPS")
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")

10. Earnings Per Share (“EPS”)

Basic net income (loss) per share of common stock excludes dilution and is reported separately for continuing operations and discontinued operations. Basic net income (loss) per share of common stock for continuing operations and discontinued operations is calculated by dividing net income (loss) from continuing operations and discontinued operations attributable to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted net income per share of common stock is computed by giving effect to the weighted average of all potentially dilutive common stock. In periods of net loss, no potentially dilutive common shares are included in the diluted shares outstanding as the effect is anti-dilutive.

The number of additional shares of common stock related to restricted stock units (“RSUs”) and stock option awards is calculated using the treasury stock method, if dilutive.

For the three and six months ended June 30, 2026 and 2025, the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic EPS. For the three and six months ended June 30, 2026 and 2025, the Company’s average applicable market value was greater than $15.28, resulting in no dilutive impact to EPS for TEUs. See Note 7 for further discussion of TEUs.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common shareholders (in thousands, except per share amounts):

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

86,604

 

 

$

8,541

 

 

$

160,887

 

 

$

17,757

 

Less: Net loss attributable to noncontrolling interests

 

 

(81

)

 

 

(666

)

 

 

(238

)

 

 

(1,198

)

Net income from continuing operations attributable to common
   shareholders

 

 

86,685

 

 

 

9,207

 

 

 

161,125

 

 

 

18,955

 

Net (loss) income from discontinued operations

 

 

(2,395

)

 

 

19,001

 

 

 

71,932

 

 

 

38,795

 

Net income attributable to common shareholders

 

$

84,290

 

 

$

28,208

 

 

$

233,057

 

 

$

57,750

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding - basic

 

 

206,042

 

 

 

201,807

 

 

 

205,381

 

 

 

200,516

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

8,947

 

 

 

8,098

 

 

 

9,468

 

 

 

8,167

 

RSUs

 

 

5,287

 

 

 

6,431

 

 

 

6,342

 

 

 

6,280

 

TEUs

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding - diluted

 

 

220,276

 

 

 

216,336

 

 

 

221,191

 

 

 

214,963

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.42

 

 

$

0.05

 

 

$

0.78

 

 

$

0.09

 

Discontinued operations

 

$

(0.01

)

 

$

0.09

 

 

$

0.35

 

 

$

0.20

 

Net income per share

 

$

0.41

 

 

$

0.14

 

 

$

1.13

 

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

 

$

0.04

 

 

$

0.73

 

 

$

0.09

 

Discontinued operations

 

$

(0.01

)

 

$

0.09

 

 

$

0.32

 

 

$

0.18

 

Net income per share

 

$

0.38

 

 

$

0.13

 

 

$

1.05

 

 

$

0.27

 

There were no potentially dilutive common share equivalents excluded from the computation of diluted net income (loss) per share for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, there were an immaterial number of potentially dilutive common share equivalents excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive.