We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance-based units, and convertible preferred stock (collectively referred to as dilutive units) for all periods presented.

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income
(loss) per share):


	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Numerator
Income from continuing operations	$	149,600		$	89,363		$	432,129		$	148,000
Income (loss) from discontinued operations		—			11,363			(183,681	)		39,303
Preferred stock dividends		(132	)		(138	)		(396	)		(414	)
Net income applicable to common stockholders	$	149,468		$	100,588		$	248,052		$	186,889

Denominator
Basic weighted average common shares		671,680			669,194			670,953			646,312
Dilutive units		5,192			2,744			5,578			3,221
Diluted weighted average common shares		676,872			671,938			676,531			649,533

Basic income per share:
Income from continuing operations	$	0.22		$	0.13		$	0.64		$	0.23
Income (loss) from discontinued operations		—			0.02			(0.27	)		0.06
Basic earnings per common share	$	0.22		$	0.15		$	0.37		$	0.29

Diluted income per common share
Income from continuing operations	$	0.22		$	0.13		$	0.64		$	0.23
Income (loss) from discontinued operations		—			0.02			(0.27	)		0.06
Diluted earnings per common share	$	0.22		$	0.15		$	0.37		$	0.29