Note 13—Earnings Per Share The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Net income (loss) | | $ | (45,087) | | $ | 274 | | $ | (18,085) | | $ | (47,492) | Net (income) loss from operations attributable to noncontrolling interests | | | (45) | | | 1,525 | | | 4,144 | | | 2,379 | Net income (loss) allocable to common shareholders | | $ | (45,132) | | $ | 1,799 | | $ | (13,941) | | $ | (45,113) |
| | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Earnings allocable to common shares: | | | | | | | | | | | | | Numerator for basic and diluted earnings per share: | | | | | | | | | | | | | Net income (loss) allocable to common shareholders | | $ | (45,132) | | $ | 1,799 | | $ | (13,941) | | $ | (45,113) | | | | | | | | | | | | | | Denominator for basic and diluted earnings per share: | | | | | | | | | | | | | Weighted average common shares outstanding for basic and diluted earnings per common share | | | 12,081 | | | 13,169 | | | 12,098 | | | 13,266 | | | | | | | | | | | | | | Basic and diluted earnings per common share: | | | | | | | | | | | | | Net income (loss) allocable to common shareholders | | $ | (3.74) | | $ | 0.14 | | $ | (1.15) | | $ | (3.40) |
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