
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except for share and per share data)
Numerator:
Net income attributable to stockholders	$	33,451	$	17,622	$	58,917	$	26,083
Income allocable to participating securities	—		589		—		890
Net income available to stockholders	$	33,451	$	17,033	$	58,917	$	25,193

Denominator:
Weighted-average shares outstanding - basic, including participating securities	48,008,741		43,539,734		48,037,544		42,646,361
Weighted-average participating securities	—		(1,454,752)		—		(1,454,752)
Weighted-average shares outstanding - basic	48,008,741		42,084,982		48,037,544		41,191,609
Dilutive effect of share-based compensation	1,856,178		1,500,017		1,801,826		1,055,388
Weighted-average shares outstanding - diluted	49,864,919		43,584,999		49,839,370		42,246,997

Earnings per share - basic	$	0.70	$	0.40	$	1.23	$	0.61
Earnings per share - diluted	$	0.67	$	0.39	$	1.18	$	0.60

Common share and per-share data for prior periods have been retroactively adjusted to reflect the June 2025 reverse stock split and corporate conversion. Basic net earnings per share is computed by dividing net income available to stockholders by the weighted-average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

Unvested share-based payment awards, including restricted stock units and stock options, do not have nonforfeitable rights to dividends or dividend equivalents and therefore are not considered participating securities under ASC 260, Earnings Per Share. Such awards are included in diluted earnings per share using the treasury stock method when dilutive and when applicable vesting or performance conditions have been satisfied as of the reporting date.

Effective July 1, 2025, pursuant to the Waiver described in Note 15, Stockholders’ Equity, the Company no longer allocates earnings to the Warrants under the two-class method during the waiver period and instead considers the Warrants under the treasury stock method for diluted EPS when dilutive.

For both the three and six months ended June 30, 2026, 0.7 million of NQSOs were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive. For both the three and six months ended June 30, 2025, 0.6 million of NQSOs were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive.

For the three and six months ended June 30, 2026, all of outstanding Warrants were excluded from the calculation of diluted EPS because their effect under the treasury stock method was anti-dilutive, as the average market price of the Company’s common stock during each applicable quarterly period was below the exercise price of both Warrant tranches. As a result of the waiver, the Warrants ceased to be participating securities beginning July 1, 2025.