(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2026

(LOSS) EARNINGS PER SHARE

The following tables present the computations of basic and diluted net (loss) earnings per share by class of common stock for the periods indicated:


	Three Months Ended June 30, 2026

			Class B
	Voting		Non-Voting
	Common		Common		Total
	(In thousands, except per share amounts)
Basic Loss Per Share: (1)
Net loss available to common and equivalent stockholders	$	(250,525)	$	(769)	$	(251,294)
Less: Earnings and dividends allocated to unvested restricted stock (2)	6		—		6
Net loss allocated to common and equivalent shares	$	(250,519)	$	(769)	$	(251,288)

Weighted average basic shares and unvested restricted stock outstanding	155,366		477		155,843
Less: weighted average unvested restricted stock outstanding	(40)		—		(40)
Weighted average basic shares outstanding	155,326		477		155,803

Basic loss per share	$	(1.61)	$	(1.61)	$	(1.61)

Diluted Loss Per Share: (1)
Net loss allocated to common and equivalent shares	$	(250,519)	$	(769)	$	(251,288)





Weighted average diluted shares outstanding	155,326		477		155,803



Diluted loss per share	$	(1.61)	$	(1.61)	$	(1.61)

________________________

(1) Basic and diluted loss per share are calculated using the two-class method.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.


	Six Months Ended June 30, 2026
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
Basic Loss Per Share: (1)
Net loss available to common and equivalent stockholders	$	(187,544)	$	(581)	$	(1,164)	$	(189,289)

Less: Earnings and dividends allocated to unvested restricted stock (2)	(1)		—		—		(1)
Net loss allocated to common and equivalent shares	$	(187,545)	$	(581)	$	(1,164)	$	(189,290)

Weighted average basic shares and unvested restricted stock outstanding	153,938		477		955		155,370
Less: weighted average unvested restricted stock outstanding	(55)		—		—		(55)
Weighted average basic shares outstanding	153,883		477		955		155,315

Basic loss per share	$	(1.22)	$	(1.22)	$	(1.22)	$	(1.22)

Diluted Loss Per Share: (1)
Net loss allocated to common and equivalent shares	$	(187,545)	$	(581)	$	(1,164)	$	(189,290)





Weighted average diluted shares outstanding	153,883		477		955		155,315



Diluted loss per share	$	(1.22)	$	(1.22)	$	(1.22)	$	(1.22)

_____________________

(1) Basic and diluted loss per share are using the two-class method.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.


	Three Months Ended June 30, 2025

			Class B		Non-Voting
	Voting		Non-Voting		Common Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders	$	17,243	$	55	$	1,140	$	18,438
Less: Earnings allocated to unvested restricted stock (2)	(5)		—		—		(5)
Net earnings allocated to common and equivalent shares	$	17,238	$	55	$	1,140	$	18,433

Weighted average basic shares and unvested restricted stock outstanding	148,236		477		9,791		158,504
Less: weighted average unvested restricted stock outstanding	(150)		—		—		(150)
Weighted average basic shares outstanding	148,086		477		9,791		158,354

Basic earnings per share	$	0.12	$	0.12	$	0.12	$	0.12

Diluted Earnings Per Share:(3)
Net earnings allocated to common and equivalent shares	$	17,243	$	55	$	1,140	$	18,438
Weighted average diluted shares outstanding	148,194		477		9,791		158,462
Diluted earnings per share	$	0.12	$	0.12	$	0.12	$	0.12

________________________

(1) Basic earnings per share is using the two-class method.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

(3) Diluted earnings per share is using the treasury method.


	Six Months Ended June 30, 2025
					Non-Voting
			Class B		Common
	Voting		Non-Voting		Stock
	Common		Common		Equivalents		Total
	(In thousands, except per share amounts)
Basic Earnings Per Share: (1)
Net earnings available to common and equivalent stockholders	$	58,159	$	181	$	3,719	$	62,059
Less: Earnings allocated to unvested restricted stock (2)	(49)		—		—		(49)
Net earnings allocated to common and equivalent shares	$	58,110	$	181	$	3,719	$	62,010

Weighted average basic shares and unvested restricted stock outstanding	153,304		477		9,791		163,572
Less: weighted average unvested restricted stock outstanding	(176)		—		—		(176)
Weighted average basic shares outstanding	153,128		477		9,791		163,396

Basic earnings per share	$	0.38	$	0.38	$	0.38	$	0.38

Diluted Earnings Per Share:(3)
Net earnings allocated to common and equivalent shares	$	58,159	$	181	$	3,719	$	62,059
Weighted average diluted shares outstanding	153,399		477		9,791		163,667
Diluted earnings per share	$	0.38	$	0.38	$	0.38	$	0.38

________________________

(1) Basic earnings per share is using the two-class method.

(2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

(3) Diluted earnings per share is using the treasury method.

The terms of each class of the Company’s capital stock are described in "Note 14. Stockholders’ Equity" to the accompanying consolidated financial statements.

The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted earnings per share because their effect would be anti-dilutive for the periods indicated:


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

	2026	2025	2026	2025
	(In thousands)
Restricted stock awards and units	2,951	150	2,898	176
Warrants	13,178	18,902	16,025	18,902