The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Under the two-class method, for periods with net income attributable to common stockholders, basic net income attributable to common stockholders per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Undistributed net income attributable to common stockholders is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net income attributable to common stockholders per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options and warrants. In addition to analyzing under the two-class method, the Company analyzes the potential dilutive effect of stock options and warrants under the treasury-stock method when calculating diluted income (loss) attributable to common stockholders per share of common stock, in which it is assumed that the stock options and warrants convert into common stock at the beginning of the period or date of issuance, if the stock option or warrant was issued during the period. The Company reports the more dilutive of the approaches (two-class or treasury-stock/if-converted) as its diluted net income (loss) attributable to common stockholders per share of common stock during the period.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Basic net income per share of common stock:
Net income	$	8,752	$	74,707	$	46,642	$	71,608
Earnings allocated to participating securities	(359)		(6,798)		(1,924)		(6,552)
Net income attributable to shares of common stock	8,393		67,909		44,718		65,056
Less: Dividends declared or accumulated	—		—		—		—
Undistributed net income attributable to shares of common stock, basic	8,393		67,909		44,718		65,056
Weighted-average shares of common stock outstanding	59,156		54,781		58,783		54,440
Basic net income per share of common stock	$	0.14	$	1.24	$	0.76	$	1.20

Diluted net income per share of common stock:
Net income attributable to shares of common stock	$	8,393	$	67,909	$	44,718	$	65,056
Plus: Fair value adjustment income related to warrant liability	—		—		—		—
Net income attributable to shares of common stock, diluted	8,393		67,909		44,718		65,056
Weighted-average number of shares of common stock outstanding	59,156		54,781		58,783		54,440
Dilutive effect of outstanding stock options (as converted to common stock)	2,181		1,544		2,003		1,622
Weighted-average shares of common stock outstanding, diluted	61,337		56,325		60,786		56,062
Diluted net income per share of common stock	$	0.14	$	1.21	$	0.74	$	1.16