Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method.


	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per share amounts	2026		2025		2026		2025
Net income (loss)
Net income (loss)	$	156,957	$	(12,076)	$	165,022	$	(1,238)
Net (income) loss attributable to noncontrolling interests	1,408		(68)		1,569		(373)


Net income (loss) attributable to common stockholders	$	158,365	$	(12,144)	$	166,591	$	(1,611)

Shares
Weighted-average common shares outstanding — basic	58,996		55,329		58,985		52,562
Restricted stock and stock options	158		—		174		—

Weighted-average common shares outstanding — diluted	59,154		55,329		59,159		52,562

Net income (loss) per common share
Basic income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Diluted income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	428		612		391		612

Series A Preferred Stock Issuance On June 4, 2026, in connection with the Vantage Acquisition, the Company issued and sold 140,000 shares of Series A Preferred Stock. The Series A Preferred Stock does not meet the definition of a participating security as it does not participate in undistributed earnings with the Company’s common stock. Therefore, the Company is not required to apply the two-class method to its calculation of EPS. Additionally, as the dividends related to the Series A Preferred Stock are discretionary and noncumulative, only dividends actually declared in a period would impact EPS. As no dividends have been declared, there is no impact on basic EPS in the current period.

Following the end of the seventh fiscal year following the original issue date, the holder of the Series A Preferred Stock may exchange a number of shares of Series A Preferred Stock into a number of common equity interests of Vantage. Because the exchange is into equity interests of a consolidated subsidiary rather than the Company's common stock, the if-converted method is used to calculate diluted EPS. The application of the if-converted method adjusts income available to common stockholders for the Company's reduced share of Vantage's results, with no corresponding adjustment to weighted-average common shares outstanding. For the three and six months ended June 30, 2026, net income attributable to common stockholders includes a net loss related to the post-acquisition activity of Vantage. Therefore, the exchange feature is excluded from the calculation of diluted EPS as it would increase income available to common stock holders and have an anti-dilutive effect. In future periods in which Vantage generates net income, the exchange feature may have a dilutive effect.