Earnings Per Share

6 Months Ended

Jun. 30, 2026

Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Net (loss) income applicable to common stockholders	$	(22,850)	$	26,386	$	(1,267)	$	49,955
Weighted Average Shares
Weighted average common shares outstanding	46,722,106		27,783,710		37,314,285		27,753,098
Effect of dilutive securities
Stock-based awards	—		448,609		—		510,845

Weighted average diluted common shares	46,722,106		28,232,319		37,314,285		28,263,943
(Loss) earnings per common share
Basic (loss) earnings per common share	$	(0.49)	$	0.95	$	(0.03)	$	1.80
Effect of dilutive securities
Stock-based awards	—		(0.02)		—		(0.03)
Diluted (loss) earnings per common share	$	(0.49)	$	0.93	$	(0.03)	$	1.77

Stock option, restricted stock and long-term incentive plan grants for 624,883 and 70,496 shares of common stock were not considered in computing diluted earnings per share for the three months ended June 30, 2026 and June 30, 2025, respectively, because they were antidilutive. Stock option, restricted stock and long-term incentive plan grants for 609,071 and 33,194 shares of common stock were not considered in computing diluted earnings per share for the six months ended June 30, 2026 and June 30, 2025, respectively, because they were antidilutive.