EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

The Company’s Series A Preferred Stock is classified as a participating security in accordance with ASC 260. Net income allocated to the holders of Series A Preferred Stock is based on the Series A stockholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis. The Series A Preferred Stock is not contractually obligated to share in losses.

Under the two-class method, for diluted EPS, net income is reallocated to the Series A Preferred Stock, and all potentially dilutive securities based on the contractual participating rights of the respective securities to share in the current earnings as if all of the earnings for the period had been distributed. Common shares issuable under PSU awards were excluded from the dilutive EPS calculation as the related target goals had not been met as of the reporting period end date.


	For the years ended December 31,
	2024		2023		2022
Numerator:
Net income (loss)	$	145,074	$	226,801	$	(187,282)
Dividends on Series A convertible preferred stock	(27,500)		(27,462)		(11,526)
Income allocated to participating preferred stock	(10,117)		(17,348)		—
Net income (loss) attributable to common stockholders	$	107,457	$	181,991	$	(198,808)

Effect of dilutive securities:
Allocation of earnings to participating securities	$	10,117	$	17,348	$	—
Reallocation of earnings to participating securities	(9,971)		(16,934)		—
Net income (loss) available to common stockholders after assumed conversions	$	107,603	$	182,405	$	(198,808)

Denominator:
Weighted average basic common shares outstanding, basic[1]	233,667		230,784		226,947
Dilutive effect of common shares	3,737		6,180		—
Weighted-average common shares outstanding, diluted	237,404		236,964		226,947

Earnings per share:[1]
Basic	$	0.46	$	0.79	$	(0.88)
Diluted	$	0.45	$	0.77	$	(0.88)

(1) Forward Stock Split - The share numbers have been retrospectively adjusted to reflect the three-for-one stock split that became effective on November 13, 2023. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for more information.

For the years ended December 31, 2024, 2023 and 2022, approximately 22.0 million, 22.0 million, and 30.6 million potentially dilutive securities were excluded from the computation of diluted earnings per share related to common stockholders, as their effect was antidilutive.