
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic earnings (loss) per share	$	1.98	$	0.50	$	2.39	$	(5.51)
Diluted earnings (loss) per share	$	1.93	$	0.50	$	2.33	$	(5.51)

The following table presents the reconciliations of net income (loss) and weighted average shares outstanding used in the calculations of basic and diluted earnings (loss) per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator (1):
Net income (loss) - basic and diluted	$	108,569	$	27,161	$	130,863	$	(300,161)



Denominator:
Basic weighted average shares outstanding	54,971		54,577		54,831		54,502
Add: Dilutive effect of share-based compensation and convertible debt instruments (1) (2)	1,299		131		1,278		—

Diluted weighted average shares outstanding	56,270		54,708		56,109		54,502

(1)For the three and six months ended June 30, 2026 and 2025, the 2029 Notes were outstanding and potentially dilutive securities but were excluded from the computation of diluted earnings (loss) per share because their effect would have been anti-dilutive under the if-converted method. Anti-dilution from the 2029 Notes was 0.1 million shares for the three months ended June 30, 2026.

(2)Excluded from the computation of diluted earnings (loss) per share were shares underlying stock options, SARs, and RSUs totaling 0.1 million and 0.6 million for the three months ended June 30, 2026 and 2025, respectively, and 0.1 million and 3.0 million for the six months ended June 30, 2026 and 2025, respectively, because to include them would have been anti-dilutive under the treasury stock method.