The following is the calculation of basic and diluted net income (loss) per common share attributable to BKV for the years ended December 31, 2025, 2024, and 2023: | | | | | | | | | | | | Year Ended December 31, | (in thousands, except per share amounts) | | 2025 | | 2024 | | 2023 | Net income (loss) attributable to BKV | | $ | 179,156 | | $ | (138,651) | | $ | 123,556 | Accretion of Class B Units to redemption value | | | (1,422) | | | — | | | — | Net income (loss) including accretion of Class B Units to redemption value | | $ | 177,734 | | $ | (138,651) | | $ | 123,556 | | | | | | | | | | | Basic weighted average common shares outstanding | | | 86,581 | | | 71,288 | | | 60,730 | Add: dilutive effect of TRSUs | | | 173 | | | — | | | 172 | Add: dilutive effect of PRSUs | | | 69 | | | — | | | 3,478 | Diluted weighted average of common shares outstanding | | | 86,823 | | | 71,288 | | | 64,380 | Weighted average number of outstanding securities excluded from the calculation of diluted loss per share | | | | | | | | | | TRSUs | | | — | | | 264 | | | — | PRSUs | | | — | | | 2,523 | | | — | | | | | | | | | | | Net income (loss) per common share attributable to BKV: | | | | | | | | | | Basic | | $ | 2.05 | | $ | (1.94) | | $ | 2.03 | Diluted | | $ | 2.05 | | $ | (1.94) | | $ | 1.92 |
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