We calculate basic earnings per share (“EPS”) using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method, both distributed and undistributed earnings are allocated to common stock and participating securities based on their respective rights. Basic EPS is calculated by dividing our net income (loss) less participating securities’ share in earnings by the weighted average number of shares of common stock outstanding during each period.

Diluted EPS is calculated under the more dilutive of the treasury stock or the two-class method. Under the treasury stock method, diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive.

For the three and nine months ended September 30, 2026 and 2025, we had no dilutive securities. As a result, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except per share data):


	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net loss	$	(14,257	)	$	(9,528	)	$	(323,982	)	$	(269,858	)
Dividends on participating securities (1)		-			-			-			-
Participating securities’ share in earnings		-			-			-			-
Basic loss	$	(14,257	)	$	(9,528	)	$	(323,982	)	$	(269,858	)
Weighted average shares of common stock outstanding, basic and diluted (2)		141,380,300			140,563,026			141,088,707			140,052,069
Net loss per share of common stock, basic and diluted	$	(0.10	)	$	(0.07	)	$	(2.30	)	$	(1.93	)

(1)

For the three and nine months ended September 30, 2026 and 2025, our Board did not declare any dividends.

(2)

Amounts for the three months ended September 30, 2026 and 2025 include 293,798 and 205,150, respectively, of fully vested RSUs. Amounts for the nine months ended September 30, 2026 and 2025 include 271,606 and 205,150, respectively, of fully vested RSUs.

For the three months ended September 30, 2026 and 2025, 2,888,366 and 2,519,608 of weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the nine months ended September 30, 2026 and 2025, 2,942,312 and 2,683,845 of weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three and nine months ended September 30, 2026, 7,542,227 and 6,741,038 of weighted average warrants, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three and nine months ended September 30, 2025, we had no outstanding warrants.