| EARNINGS PER SHARE |
NOTE 10. EARNINGS PER SHARE
The Company applies the two-class method of computing earnings per share in accordance with ASC 260 Earnings Per Share, which reflects the 100:1 conversion ratio of the Company’s Multiple Voting Shares into Subordinate Voting Shares. The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | Numerator | (in thousands, except for share and per share data) | | Continuing operations | | | | | | | | | Net income (loss) from continuing operations | $ | 774 | | | $ | (23,735) | | | $ | (401,228) | | | $ | (71,688) | | Less: net loss attributable to non-controlling interest | (95) | | | (1,949) | | | (305) | | | (5,169) | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common shareholders | $ | 869 | | | $ | (21,786) | | | $ | (400,923) | | | $ | (66,519) | | | Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | Net loss from discontinued operations, net of tax benefit (provision) of $0, $0, $597, and $(441), respectively, attributable to common shareholders | $ | — | | | $ | (5,049) | | | $ | (1,777) | | | $ | (6,966) | | | Net income (loss) attributable to common shareholders | $ | 869 | | | $ | (26,835) | | | $ | (402,700) | | | $ | (73,485) | | | Denominator | | | | | | | | | Weighted average number of common shares outstanding - Basic | 192,937,617 | | 191,278,321 | | 192,733,447 | | 191,202,586 | Dilutive effect of securities outstanding | 7,674,898 | | — | | — | | — | Weighted average number of common shares outstanding - Diluted (1) | 200,612,515 | | | 191,278,321 | | | 192,733,447 | | | 191,202,586 | | | Income (loss) per share - Continuing operations | | | | | | | | | Basic | $ | 0.00 | | | $ | (0.11) | | | $ | (2.08) | | | $ | (0.35) | | | Diluted | $ | 0.00 | | | $ | (0.11) | | | $ | (2.08) | | | $ | (0.35) | | | Loss per share - Discontinued operations | | | | | | | | | Basic and diluted | $ | — | | | $ | (0.03) | | | $ | (0.01) | | | $ | (0.04) | | | Net income (loss) per share attributable to common shareholders | | | | | | | | | Basic | $ | 0.00 | | | $ | (0.14) | | | $ | (2.09) | | | $ | (0.39) | | | Diluted | $ | 0.00 | | | $ | (0.14) | | | $ | (2.09) | | | $ | (0.39) | |
| | | | | | | | (1) Potentially dilutive securities representing 1.7 million and 12.8 million shares of subordinate voting shares for the three and nine months ended September 30, 2026, respectively, and 13.9 million for the three and nine months ended September 30, 2025, were excluded from the computation of diluted earnings per share as their effect would have been antidilutive. |
As of September 30, 2026, there were approximately 170.6 million of the Company's Subordinate Voting Shares and Multiple Voting Shares issued and outstanding, which excluded 0.4 million fully vested RSUs that are not contractually issuable until the earlier of a defined triggering event or the award anniversary date, either December 1, 2030, December 1, 2031 or December 1, 2032.
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