EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

The Company’s Preferred Stock is classified as a participating security in accordance with ASC Topic 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; accordingly, no losses have been allocated to it.

Dilutive EPS for the Preferred Stock is computed using the more dilutive of (i) the two-class method (distributed and undistributed)

and (ii) 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,

preferred dividends are added back to net income, and the corresponding conversion shares are included in the denominator. In all

other cases, 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 13. Mezzanine Equity.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Numerator:
Net (loss) income	$(61,014)	$6,356	$83,260	$163,950
Dividends on convertible preferred stock	(9,657)	(6,913)	(23,289)	(20,588)
Income allocated to participating preferred stock	—	—	(5,272)	(12,357)
Net (loss) income attributable to common stockholders	$(70,671)	$(557)	$54,699	$131,005

Effect of dilutive securities:
Allocation of earnings to participating securities	$—	$—	$5,272	$12,357
Reallocation of earnings to participating securities	—	—	(5,082)	(12,154)
Net (loss) income available to common stockholders after assumed conversions	$(70,671)	$(557)	$54,889	$131,208

Denominator:
Weighted average common shares outstanding, basic	257,778	233,696	250,325	233,219
Dilutive shares of common stock	—	—	2,476	4,261
Weighted average shares of common stock outstanding, diluted	257,778	233,696	252,801	237,480

(Loss) earnings per share:
Basic	$(0.27)	$(0.00)	$0.22	$0.56
Diluted	$(0.27)	$(0.00)	$0.22	$0.55

For each of the three and nine months ended September 30, 2025, approximately 29.3 million and 23.4 million potentially dilutive

shares of common stock, respectively, were excluded from the computation of diluted earnings per share related to common

stockholders, as their effect was antidilutive.

For each of the three and nine months ended September 30, 2024, approximately 27.1 million and 22.0 million, potentially dilutive

shares of common stock, respectively, were excluded from the computation of diluted earnings per share related to common

stockholders, as their effect was antidilutive.