Three Months Ended

 

Six Months Ended

June 30,

(in thousands, except share and per share amounts)

2026

 

2025

 

2026

 

2025

Net income (loss)

$

(28,278)

 

$

80,761

 

$

78,058

 

$

118,785

Undeclared dividends on redeemable preferred stock

(8,737)

(40,986)

(32,676)

(80,490)

Loss on redemption of redeemable preferred stock

(78,427)

—

(118,501)

—

Net income (loss) available to common stockholders

(115,442)

39,775

(73,119)

38,295

Weighted-average common shares outstanding:

Basic

62,678,438

45,554,662

54,304,118

45,552,980

Dilutive impact of stock awards outstanding

—

3,042,388

—

2,863,817

Dilutive impact of warrants to purchase common stock outstanding

—

99,668,055

—

99,668,031

Diluted

62,678,438

148,265,105

54,304,118

148,084,828

Net income (loss) available to common stockholders per share:

Basic

$

(1.84)

$

0.87

$

(1.35)

$

0.84

Diluted

$

(1.84)

$

0.27

$

(1.35)

$

0.26