The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to common shareholders	$	(63,081)	$	(43,366)	$	(72,123)	$	(79,520)
Less: Dividends paid on unvested share-based compensation	(7)		(9)		(22)		(26)

Net income (loss) available to common shareholders — basic and diluted	$	(63,088)	$	(43,375)	$	(72,145)	$	(79,546)



Denominator:
Weighted-average number of common shares — basic and diluted	112,170,743		117,555,628		112,743,575		118,304,722



Net income (loss) per share available to common shareholders — basic and diluted	$	(0.56)	$	(0.37)	$	(0.64)	$	(0.67)

For the three and nine months ended September 30, 2026, 1,453,904 of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2025, 1,391,462 of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive.

For the three and nine months ended September 30, 2026, 13,739,215 of common shares underlying the Convertible Notes 2026 were excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2026, 3,496,688 of common shares underlying the Convertible Notes 2030 were excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2025, 13,739,215 of common shares underlying the Convertible Notes 2026 were excluded from diluted shares as their effect would have been anti-dilutive.