Basic earnings per share (“EPS”) is calculated using the weighted average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Net income (loss) (numerator):
Net income (loss)	$	42,445	$	8,380	$	(51,319)	$	16,111
Income attributable to unvested shares	(1,197)		(100)		(344)		(197)
Numerator for basic	41,248		8,280		(51,663)		15,914
Income attributable to unvested shares	—		—		—		—
Numerator for dilutive	$	41,248	$	8,280	$	(51,663)	$	15,914

Weighted average shares (denominator):
Basic weighted average shares outstanding	104,518		103,936		104,389		103,848
Effect of dilutive securities	125		22		—		24
Diluted weighted average shares outstanding	104,643		103,958		104,389		103,872
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive	714		1,312		4,210		1,321