EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 11—EARNINGS (LOSS) PER SHARE

The computation of basic and diluted earnings per share (“EPS”) is shown on the following page:


(In thousands, except per share amounts)		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Earnings attribution
Class A common stock		$	(13,980)		$	(12,804)		$	(30,641)		$	(21,046)
Class A restricted stock awards			—			1			—			102
Class B common stock			(1,436)			(1,175)			(3,096)			(3,134)
Class B restricted stock awards			—			4			—			9
Forfeitable dividends declared on unvested stock-based awards			1			—			3			638
Net loss		$	(15,415)		$	(13,974)		$	(33,734)		$	(23,431)


		Three months ended June 30, 2026						Three months ended June 30, 2025
		Class A			Class B			Class A			Class B
Dual class EPS calculations
Numerator
Net earnings (loss) for basic and diluted earnings per common share		$	(13,980)		$	(1,436)		$	(12,804)		$	(1,175)
Add: Class B net diluted earnings per diluted share			—			—			—			—
Net diluted earnings (loss) per diluted share		$	(13,980)		$	(1,436)		$	(12,804)		$	(1,175)
Denominator
Weighted average shares used to compute basic earnings per share			53,210			11,378			43,850			9,710
Dilutive effect of conversion of Class B common stock to Class A common stock			—			—			—			—
Weighted average shares used to compute diluted earnings per share		$	53,210		$	11,378		$	43,850		$	9,710

Earnings (loss) per common share
Basic		$	(0.26)		$	(0.13)		$	(0.29)		$	(0.12)
Diluted		$	(0.26)		$	(0.13)		$	(0.29)		$	(0.12)


		Six months ended June 30, 2026						Six months ended June 30, 2025
		Class A			Class B			Class A			Class B
Dual class EPS calculations
Numerator
Net earnings (loss) for basic and diluted earnings per common share		$	(30,641)		$	(3,096)		$	(21,046)		$	(3,134)
Add: Class B net diluted earnings per diluted share			—			—			—			—
Net diluted earnings (loss) per diluted share		$	(30,641)		$	(3,096)		$	(21,046)		$	(3,134)
Denominator
Weighted average shares used to compute basic earnings per share			54,510			11,257			43,878			10,030
Dilutive effect of conversion of Class B common stock to Class A common stock			—			—			—			—
Weighted average shares used to compute diluted earnings per share		$	54,510		$	11,257		$	43,878		$	10,030

Earnings (loss) per common share
Basic		$	(0.56)		$	(0.28)		$	(0.48)		$	(0.31)
Diluted		$	(0.56)		$	(0.28)		$	(0.48)		$	(0.31)

Unvested restricted stock awards have the right to receive nonforfeitable dividends on the same basis as common shares; therefore, unvested restricted stock is considered a participating security to calculate EPS. Under the two-class method, the Company reports separately the net earnings allocated away from holders of Class A and Class B common stock to holders of unvested restricted stock awards.

For accounting purposes, Class B’s participation rights in net earnings are, in substance, discretionary based on the power of the Company’s Board of Directors to add or modify expense allocation policies, redefine CORE assets, and redetermine CORE’s per-ton usage fees at any time, in its sole discretion, without shareholder approval. Therefore, no amount of the Company’s net earnings shall be allocated to Class B to calculate EPS other than actual dividends declared during the period for the tracking stock. However, during the three and six months ended June 30, 2026, dividends declared by the Company were more than consolidated net income (loss) for the period, which resulted in an undistributed net loss for reporting purposes. The resulting undistributed net loss was allocated proportionately between outstanding Class A and Class B common stock based on the rights to residual net assets upon liquidation being equal between holders of Class A and Class B common stock. See Note 7 for more information on dividends declared during the period.

Diluted EPS is calculated using the treasury stock method for stock options and restricted stock units. For performance stock units, the awards are first evaluated under the contingently issuable shares guidance, which requires a determination as to whether shares would be issuable if the end of the reporting period were the end of the contingency period. For shares determined to be issuable under performance stock unit awards, the treasury stock method is then applied to determine the dilutive impact of the awards, if any. Unvested restricted stock awards are considered potential common shares as well as participating securities, as discussed previously, and are included in diluted EPS using the more dilutive of the treasury stock method or the two-class method. Since these awards share in dividends on a 1:1 basis with common shares, applying the treasury stock method is antidilutive compared to the basic EPS calculation that allocates earnings to participating securities under the two-class method discussed previously.

Antidilutive shares excluded from the dilutive EPS calculation are presented below:



		Three months ended June 30, 2026			Three months ended June 30, 2025				Six months ended June 30, 2026			Six months ended June 30, 2025
		Class A	Class B		Class A	Class B			Class A	Class B		Class A	Class B
Antidilutive options		50,000	12,761		648,712	138,697			50,000	12,761		648,712	138,697
Antidilutive RSUs		967,440	14,465		1,112,622	36,943			977,588	14,380		889,200	36,943
Antidilutive PSUs (at target)		1,527,090	40,132		3,007,897	228,738			1,429,205	37,090		2,288,112	228,738
Antidilutive convertible senior notes		10,538,370	—		—	—			10,538,370	—		—	—