Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Basic and Diluted Earnings Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is based on the weighted average number of shares outstanding for the period, including the dilutive effect of equity awards.

Basic and diluted earnings (loss) per share was computed as follows:


	Successor					Predecessor
	Three Months Ended June 30, 2026					Three Months Ended June 30, 2025
	Net Loss		Average Shares Outstanding	Loss Per Share		Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)					(in thousands, except share and per share amounts)
Basic	$	(4,890)	13,949,990	$	(0.35)	$	(10,391)	40,886,710	$	(0.25)
Unvested restricted stock	—		—	—		—		—	—
Diluted	$	(4,890)	13,949,990	$	(0.35)	$	(10,391)	40,886,710	$	(0.25)


	Successor					Predecessor
	Period from March 6, 2026 through June 30, 2026					Period from January 1, 2026 through March 5, 2026					Six Months Ended June 30, 2025
	Net Loss		Average Shares Outstanding	Loss Per Share		Net Income		Average Shares Outstanding	Income Per Share		Net Loss		Average Shares Outstanding	Loss Per Share
	(in thousands, except share and per share amounts)					(in thousands, except share and per share amounts)
Basic	$	(6,143)	13,949,990	$	(0.44)	$	107,879	40,650,388	$	2.65	$	(17,452)	40,527,572	$	(0.43)
Unvested restricted stock	—		—	—		—		8,872	—		—		—	—
Diluted	$	(6,143)	13,949,990	$	(0.44)	$	107,879	40,659,260	$	2.65	$	(17,452)	40,527,572	$	(0.43)

When the Company experiences a net loss, the diluted earnings (loss) per share calculation excludes all stock options, unvested restricted stock, and unvested restricted stock units because their inclusion would be anti-dilutive. The average number of securities that were excluded from diluted earnings (loss) per share that would potentially dilute earnings (loss) per share for the periods in which the Company experienced a net loss were as follows:


2026 Successor Quarter			—
2026 Successor Period			—
2025 Predecessor Quarter			193,608
2025 Predecessor Period			133,273

Share Capital

As discussed in Note 1 – Company and Organization, on the Plan Effective Date and pursuant to the terms of the Plan, all of the Company’s common stock outstanding prior to the Plan Effective Date was canceled for no consideration. On the Plan Effective Date, the Company issued 100% of a single class of common equity interests to the holders of the 2028 Notes at a rate of 46.5 shares of new common stock for each $1,000 of 2028 Notes (for a total of 13,949,990 shares of new common stock), and the 2028 Notes were canceled.