The Preferred Stock is classified as a participating security in accordance with ASC 260, Earnings Per Share, and is therefore included in the two-class method. Basic EPS reflects an allocation of period earnings to the Preferred Stock based on its contractual dividends and participation rights, as if all earnings for the period were distributed. The Preferred Stock does not participate in losses.

Diluted EPS for the Preferred Stock is computed by first determining which method produces greater dilution: the two-class method (distributed and undistributed) or the if-converted method. When the if-converted method results in greater dilution, diluted EPS is calculated as if all shares of Preferred Stock were converted into Common Stock at the beginning of the period (or at the issuance date, if later). In this case, Regular Dividends, deducted in determining income available to common stockholders, are added back to the numerator and the corresponding conversion shares are included in the denominator. When the if-converted method does not result in greater dilution, the Preferred Stock is excluded from diluted EPS as its effect would be anti-dilutive, and the two-class method is applied under which the Preferred Stock is treated as a participating security and earnings are allocated between Common Stock and the Preferred Stock based on their respective participation rights. The terms of the Series A Preferred Stock and Series B Preferred Stock are substantially identical, and both are classified as mezzanine equity, as discussed in Note 12. Mezzanine Equity.

Treasury stock, including shares repurchased by the Company, is excluded from the calculation of both basic and diluted EPS from the respective repurchase dates, as such shares are not considered outstanding for purposes of determining weighted average shares.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	126,956	$	(61,014)	$	292,347	$	83,260
Dividends on Preferred Stock	(14,304)		(9,657)		(42,446)		(23,289)
Income allocated to participating Preferred Stock	(13,118)		—		(28,888)		(5,272)
Net income (loss) attributable to common stockholders	$	99,534	$	(70,671)	$	221,013	$	54,699

Effect of dilutive securities:
Allocation of earnings to participating securities	$	13,118	$	—	$	28,888	$	5,272
Reallocation of earnings to participating securities	(13,018)		—		(28,644)		(5,082)
Net income (loss) available to common stockholders	$	99,634	$	(70,671)	$	221,257	$	54,889

Denominator:
Weighted average common shares outstanding, basic	252,710		257,778		254,816		250,325
Dilutive shares of Common Stock	2,202		—		2,453		2,476
Weighted average shares of Common Stock outstanding, diluted	254,912		257,778		257,269		252,801

Earnings (loss) per share:
Basic	$	0.39	$	(0.27)	$	0.87	$	0.22
Diluted	$	0.39	$	(0.27)	$	0.86	$	0.22

For the three and nine months ended September 30, 2026, approximately 34.2 million and 33.9 million potentially dilutive shares of Common Stock, respectively, on a weighted average basis were excluded from the computation of diluted EPS as their inclusion would have been antidilutive. The excluded shares consisted primarily of shares issuable upon conversion of the Preferred Stock, with the remainder related to equity compensation awards.

For the three and nine months ended September 30, 2025, approximately 29.3 million and 23.4 million potentially dilutive shares of Common Stock, respectively, on a weighted average basis were excluded from the computation of diluted EPS as their inclusion would have been antidilutive. The excluded shares consisted primarily of shares issuable upon conversion of the Preferred Stock, with the remainder related to equity compensation awards.