Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator for the effects of securities issued by the Company that are convertible into common equity interests of a subsidiary and adjusting the denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method. The dilutive effect of the redeemable preferred stock for common equity interests of Vantage is computed using the if-converted method.


	Three Months Ended September 30,				Nine Months Ended September 30,
thousands except per share amounts	2026		2025		2026		2025
Net income (loss)




Net income (loss) attributable to common stockholders — basic	$	(1,087)	$	119,508	$	165,504	$	117,897
Assumed exchange of Series A Preferred Stock	(22,010)		—		(15,820)		—
Net income (loss) attributable to common stockholders — diluted	$	(23,097)	$	119,508	$	149,684	$	117,897

Shares
Weighted-average common shares outstanding — basic	59,019		58,829		58,996		54,674
Restricted stock and stock options	—		294		190		279

Weighted-average common shares outstanding — diluted	59,019		59,123		59,186		54,953

Net income (loss) per common share
Basic income (loss) per share	$	(0.02)	$	2.03	$	2.81	$	2.16



Diluted income (loss) per share	$	(0.39)	$	2.02	$	2.53	$	2.15



Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	747		143		384		146
Warrants	1,131		—		1,131		—

Series A Preferred Stock Issuance On June 4, 2026, in connection with the Vantage Acquisition, the Company issued and sold 140,000 shares of Series A Preferred Stock. The Series A Preferred Stock does not meet the definition of a participating security as it does not participate in undistributed earnings with the Company’s common stock. Therefore, the Company is not required to apply the two-class method to its calculation of EPS. Additionally, as the dividends related to the Series A Preferred Stock are discretionary and noncumulative, only dividends actually declared in a period would impact EPS. As no dividends have been declared, there is no impact on basic EPS in the current period.

Following the end of the seventh fiscal year following the original issue date, the holder of the Series A Preferred Stock may exchange a number of shares of Series A Preferred Stock into a number of common equity interests of Vantage. Because the exchange is into equity interests of a consolidated subsidiary rather than the Company's common stock, the if-converted method is used to calculate diluted EPS, except in periods when Vantage has a net loss and the effect would be anti-dilutive. The application of the if-converted method adjusts income available to common stockholders for the Company's reduced share of Vantage's results, with no corresponding adjustment to weighted-average common shares outstanding.