Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the weighted-average shares used for basic net income (loss) per share to the weighted-average diluted shares used for diluted net income (loss) per share for the periods presented.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Basic WASO denominator	45,390,612	48,116,503	45,347,014	47,738,050
Effect of potential dilutive shares :
Options	—	—	—	—
Warrants	—	—	—	—
Restricted stock units	—	—	—	—
Performance stock units (1)	—	—	—	—
Diluted WASO denominator	45,390,612	48,116,503	45,347,014	47,738,050
Anti-dilutive shares excluded from the above reconciliation:

Warrants (2)	4,066,704	—	4,576,871	—
Options (2)	1,134,500		1,134,500
Restricted stock units	347,554	359,550	585,556	210,483
Performance stock units (1)	232,275	109,914	235,977	—

(1) Performance stock units are reflected based on the performance metrics through the balance sheet date. Vesting of these units is contingent upon meeting certain performance metrics. Although a portion of these performance metrics have been achieved as of the respective period end, it is possible that awards may no longer meet the metric at the end of the performance period.

(2) Options require the OSG's stock price to exceed certain market price hurdles to vest, none of which have been met. Warrants have an exercise price above the market price of OSG stock during the period. Amounts shown reflect the maximum number of shares issuable upon exercise, weighted for the time outstanding during the periods.

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of net income (loss) attributable to common stockholders to the numerator in the basic and diluted earnings (loss) per share calculation, together with the resulting earnings (loss) per share ("EPS") amounts for the periods presented.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss) attributable to common stockholders	$	(14,429)	$	(72,699)	$	(21,280)	(119,090)

Fair value and redemption value adjustment for NCI (ASC 480)	(737)		220		70		(10,603)
Numerator of basic and diluted EPS	$	(15,166)	$	(72,479)	$	(21,210)	(129,693)
Per share:
Basic	$	(0.33)	$	(1.51)	$	(0.47)	$	(2.72)
Diluted	$	(0.33)	$	(1.51)	$	(0.47)	$	(2.72)

Schedule of Repurchased Shares

The following table shows shares repurchased by year.


($ in thousands, except per share)	Year Ended December 31,						YTD 2026
	2024		2025
Shares repurchased	937,141		3,434,745				0
Total cost	$	11,678	$	29,942			$	—
Average purchase price per share	$	12.48	$	8.72			$	—
Unused authorization amount					$	8,449