The Company calculates earnings per share under the two-class method. The Company has granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, the Company computes earnings per share under the two-class earnings allocation method, which computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Basic earnings per share amounts have been computed as (i) net income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.

The following table summarizes the basic and diluted earnings per share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,


	2026		2025		2026		2025

	(In thousands, except per share data)
Net income (loss)	$	525,186	$	(389,905)	$	633,794	$	(170,068)
Distributed and undistributed earnings allocated to participating securities	(4,243)		2,312		(4,432)		1,425
Net income (loss) attributable to common stockholders (basic)	520,943		(387,593)		629,362		(168,643)
Reallocation of distributed and undistributed earnings allocated to participating securities	4,243		(3,604)		4,432		(2,687)
Net income (loss) attributable to common stockholders (diluted)	$	525,186	$	(391,197)	$	633,794	$	(171,330)

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	56,010		57,786		56,361		58,420
Dilutive effect of share-based awards	595		—		548		81

Diluted weighted average common shares outstanding	56,605		57,786		56,909		58,501

Basic earnings (loss) per share	$	9.30	$	(6.71)	$	11.17	$	(2.89)
Diluted earnings (loss) per share	$	9.28	$	(6.77)	$	11.14	$	(2.93)

Anti-dilutive weighted average common shares:
Potential common shares	160		1,067		182		980

For the three and six months ended June 30, 2026, the diluted earnings per share calculation excludes the impact of unvested share-based awards that were anti-dilutive. For the three and six months ended June 30, 2025, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive. There were no remaining warrants as of June 30, 2026, as all previously outstanding warrants expired on September 1, 2025.