v3.26.3
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2026
EARNINGS PER SHARE  
EARNINGS PER SHARE

9.    EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net (loss) income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Dilutive securities were excluded from the computation of loss per share because their inclusion would have been anti-dilutive in periods of net reported loss.

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The following table shows the restricted shares of common stock outstanding issued to employees and as stock consideration as part of the Pintail acquisition (participating securities) and a reconciliation of outstanding weighted average shares:

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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2026

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2025

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2026

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2025

(in thousands)

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Net (loss) income available for stockholders

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$

(41,929)

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$

12,963

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$

(28,999)

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$

35,141

Less: Adjustments for earnings attributable to participating securities

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(204)

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​

(489)

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​

(859)

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​

(986)

Net (loss) income used in calculating earnings per share

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$

(42,133)

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$

12,474

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$

(29,858)

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$

34,155

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Weighted average shares outstanding (including participating securities)

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221,628

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220,575

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221,540

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218,959

Adjustment for participating securities

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(6,628)

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(8,331)

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(7,415)

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(4,054)

Shares used in calculating basic and diluted earnings per share

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215,000

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212,244

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214,125

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214,905

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