| Schedule of Earnings Per Share, Basic and Diluted |
The calculation of basic and diluted (loss) earnings per share is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands, except per share data) | 2026 | | 2025 | | 2026 | | 2025 | Net (loss) income | $ | (139,443) | | | $ | (69,959) | | | $ | (266,654) | | | $ | 50,205 | | | Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (11,377) | | | (11,100) | | | (25,637) | | | (22,501) | | | Less: Preferred dividends and accretion on redeemable non-controlling interests | 33,230 | | | — | | | 70,451 | | | — | | | Less: Dividends and accretion of redeemable preferred stock | 657 | | | 20,957 | | | 657 | | | 42,798 | | | | | | | | | | Less: Convertible preferred stock dividend | 4,511 | | | 4,082 | | | 8,864 | | | 5,549 | | | | | | | | | | | Net (loss) income attributable to common stockholders - Basic | $ | (166,464) | | | $ | (83,898) | | | $ | (320,989) | | | $ | 24,359 | | Less: Adjustments attributable to dilutive securities | — | | | — | | | — | | | — | | | Net (loss) income attributable to common stockholders - Diluted | $ | (166,464) | | | $ | (83,898) | | | $ | (320,989) | | | $ | 24,359 | | Weighted Average Common Stock Outstanding - Basic | 118,163,955 | | | 114,880,817 | | | 117,430,787 | | | 114,491,338 | | Weighted Average Common Stock Outstanding - Diluted | 118,163,955 | | | 114,880,817 | | | 117,430,787 | | | 115,260,452 | | | | | | | | | | (Loss) earnings per share: | | | | | | | | | Basic | $ | (1.41) | | | $ | (0.73) | | | $ | (2.73) | | | $ | 0.21 | | Diluted (1) | $ | (1.41) | | | $ | (0.73) | | | $ | (2.73) | | | $ | 0.21 | |
________________________________________________________(1) Diluted (loss) earnings per share for the three and six months ended June 30, 2026 and 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock.
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