Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2026

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2026, and 2025:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except share data)	2026		2025		2026		2025
Numerator:
Net (loss) income attributable to common stockholders	$	(62,009)	$	(16,964)	$	(68,036)	$	(27,579)
Dividends allocated to participating restricted stock units	(162)		(208)		(325)		(396)
Net (loss) income attributable to common stockholders - basic and diluted	$	(62,171)	$	(17,172)	$	(68,361)	$	(27,975)




Denominator:







Average common shares outstanding - basic and diluted	47,999,208		48,030,130		47,837,359		48,347,634
(Loss) earnings per share:
Basic	$	(1.29)	$	(0.35)	$	(1.42)	$	(0.57)
Diluted	$	(1.29)	$	(0.35)	$	(1.42)	$	(0.57)

Diluted earnings per share is calculated under both the two-class method and treasury stock method, and the more dilutive amount is reported. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of RSUs. During the three and six months ended June 30, 2026, 410,092 and 775,498 weighted-average unvested RSUs, respectively, were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive, compared to 345,682 and 699,551 of weighted-average unvested RSUs, respectively, for the three and six months ended June 30, 2025. For the six months ended June 30, 2026, and 2025, under both the two-class method and the treasury stock method, no shares were included in the dilutive earnings per share denominator, as their inclusion would have been antidilutive.

The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. For the three and six months ended June 30, 2026, and 2025, under both the two-class method and treasury stock method, no incremental shares of unvested PSUs were included in the dilutive earnings per share denominator.