v3.26.3
Earnings (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Dilutive Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands, except share and per share data)2026202520262025
Basic and Diluted Shares
Numerator:
Net income$17,256 $11,511 $40,401 $33,070 
Less: accretion adjustment to redeemable preferred stock (1)
— (3,555)— (10,404)
Less: allocation to participating preferred stock— (2,463)— — 
Less: cash dividend paid on redeemable preferred stock— — — (54,170)
Net income (loss) available to common stockholders (2)
$17,256 $5,493 $40,401 $(31,504)
Denominator:
Weighted average Common Stock outstanding — Basic
Class A Common Stock93,837,630 93,350,000 94,333,674 93,350,000
Class B Common Stock43,435,000 — 43,435,000 — 
Weighted average Common Stock outstanding — Basic137,272,63093,350,000137,768,67493,350,000
Basic earnings (loss) per share — Class A and Class B Common Stock$0.13 $0.06 $0.29 $(0.34)
Weighted average Common Stock outstanding Class A and Class B Common Stock — Basic137,272,630 93,350,000 137,768,674 93,350,000 
Dilutive shares from stock options6,834,547 3,912,548 6,666,705 — 
Dilutive shares from RSUs2,283,814 — 1,675,067 — 
Total weighted average Class A and Class B Common Stock outstanding — Diluted146,390,991 97,262,548 146,110,446 93,350,000 
Diluted earnings (loss) per share — Class A and Class B Common Stock$0.12 $0.06 $0.28 $(0.34)
Schedule of Potential Antidilutive Securities Excluded from the Computation of Diluted Earnings (Loss) Per Share
The potential shares of common stock that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Time Vesting Options (3)
— — — 4,462,500 
Performance Vesting Options (4)
— 4,462,500 — 4,462,500 
Restricted Stock Units (5)
— 4,155,678 — 4,155,678 
Early Exercised Stock Options (6)
— 1,417,500 — 2,835,000 
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(1)Represents the accretion of the redeemable preferred stock to its redemption value and includes both the effect of cumulative undeclared dividends and the accretion of issuance costs for the applicable periods.
(2)Net income (loss) available to common stockholders for the three and nine months ended September 30, 2025, included $5.0 million and $8.4 million of costs related to the Company’s initial public offering (the “IPO”), respectively, that were reimbursed to the Company by the selling stockholders on October 2, 2025.
(3)The Time Vesting Options were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2025, as their inclusion would have been anti-dilutive.
(4)Performance Vesting Options have a performance condition. For the three and nine months ended September 30, 2025, the performance condition was not met and, therefore, these options were excluded from the diluted earnings per share computation.
(5)The unvested Restricted Stock Units have been excluded from the calculation of diluted earnings (loss) per share for the three and nine months ended September 30, 2025, as their effect would have been anti-dilutive.
(6)The early exercised stock options comprise 1,417,500 time-based awards and 1,417,500 performance-based awards. For the three months ended September 30, 2025, the time-based options were included in the calculation of diluted earnings per share, as they were considered in-the-money and dilutive. These options were excluded from the diluted loss per share computation for the nine months ended September 30, 2025, as they were anti-dilutive. The performance-based options are subject to a performance condition. For the three and nine months ended September 30, 2025, the performance condition had not been met and was not considered probable. Accordingly, these options were excluded from the diluted earnings (loss) per share computation for the respective periods.