EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2026

The following tables set forth the computation of basic and diluted earnings (loss) per share:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025

	(In thousands, except share data)
Net income (loss)	$	(230,690)	$	78,552	$	(155,947)	$	171,376

Weighted average common shares outstanding — basic	48,425,768		56,927,187		51,434,157		57,188,938
Effect of dilutive securities	—		450,586		—		491,605
Weighted average common shares outstanding — diluted	48,425,768		57,377,773		51,434,157		57,680,543

Earnings (loss) per common share — basic	$	(4.76)	$	1.38	$	(3.03)	$	3.00
Earnings (loss) per common share — diluted	$	(4.76)	$	1.37	$	(3.03)	$	2.97

For the three and nine months ended September 30, 2026 and 2025, basic and diluted earnings (loss) per share were calculated using the treasury method. Due to the Company’s net loss for the three and nine months ended September 30, 2026, all potentially dilutive securities were excluded from the calculation of diluted net loss per share, as their inclusion would have been anti-dilutive. Equity awards outstanding to purchase or receive approximately 1.9 million shares of common stock were excluded from diluted earnings per share for both the three and nine months ended September 30, 2026. Equity awards outstanding to purchase or receive approximately 1.2 million and 1.0 million shares of common stock were excluded from diluted earnings per share for the three and nine months ended September 30, 2025, respectively, because their effect would have been anti-dilutive