Basic net income per share is computed by dividing net income by the weighted-average number of common shares of the Company outstanding during the period. Diluted net income per share is computed by giving effect to all Common Stock equivalents of the Company, including equity-classified share-based compensation and warrants, to the extent they are dilutive.

The following table presents (in thousands, except share and per share amounts) the calculation of basic and diluted net income per share for the Company’s Common Stock (all amounts are presented on a post-Reverse Stock Split basis). See Note 2 — Summary of Significant Accounting Policies.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income / (loss)	$	184,305	$	(32,499)	$	169,626	$	(51,728)



Denominator:
Weighted-average number of common shares outstanding - basic	11,660,592		2,181,217		9,975,931		2,073,777



Weighted-average number of common shares outstanding - diluted(1)	11,660,592		2,181,217		9,975,931		2,073,777
Earnings per share:
Net income / (loss) per common share - basic	$	15.81	$	(14.90)	$	17.00	$	(24.94)
Net income / (loss) per common share - diluted	$	15.81	$	(14.90)	$	17.00	$	(24.94)

(1)In periods in which the Company reports a net income / (loss), all Common Stock equivalents are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share.

As of June 30, 2026 and 2025, Common Stock equivalents not included in the computation of income / (loss) per share because their effect would be antidilutive included the following (all amounts are presented on a post-Reverse Stock Split basis).