Net Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2026

Note 11 - Net Income (Loss) per Common Share

The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the three and nine months ended September 30, 2026 and September 30, 2025.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Net Income (Loss)	$	(323,746)	$	159,259	$	(263,781)	$	110,983
Less: Preferred dividends	(3,326)		(3,003)		(9,765)		(9,006)
Net Income (Loss) available (related) to common stockholders	$	(327,072)	$	156,256	$	(273,546)	$	101,977

Weighted average common shares outstanding – basic	144,564		104,318		131,176		87,886
Add: Effect of dilutive non-vested awards, assumed vested	—		255		—		255
Weighted average common shares outstanding – diluted	144,564		104,573		131,176		88,141

Net Income (loss) per share available (related) to common stockholders - basic	(2.26)		1.50		(2.09)		1.16
Net Income (loss) per share available (related) to common stockholders - diluted	(2.26)		1.49		(2.09)		1.16

For the three and nine months ended September 30, 2026, 840 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.