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Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2025

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")

Note 18. Earnings Per Share (“EPS”)

The following table presents potentially dilutive securities that were included in the computation of diluted net income (loss) per share:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2025			2024			2025			2024
Numerator:
Net income (loss)		$	219,454		$	(84,449)		$	(76,913)		$	127,328
Interest incurred on the 2030 Notes, net of income taxes			2,189			-			-			-
Numerator for diluted EPS		$	221,643		$	(84,449)		$	(76,913)		$	127,328

Denominator:
Denominator for basic EPS - weighted average shares outstanding			336,278,380			264,625,308			332,912,120			249,711,377
Effect of dilutive securities:
Unvested RSAs			5,881,278			—			—			—
Unvested RSUs			529,579			—			—			—
2030 Notes			39,988,127			—			—			—
Dilutive potential common shares			46,398,984			—			—			—
Denominator for diluted EPS - adjusted weighted average shares outstanding			382,677,364			264,625,308			332,912,120			249,711,377

Basic EPS		$	0.65		$	(0.32)		$	(0.23)		$	0.51
Diluted EPS		$	0.58		$	(0.32)		$	(0.23)		$	0.51

The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2025			2024			2025			2024
Warrants to purchase common stock			63,000			63,000			63,000			63,000
Unvested RSAs^(a)			—			16,803,122			22,846,989			16,803,122
Unvested RSUs			—			1,385,639			2,114,812			1,385,639
Stock options			1,166,861			—			1,166,861			—
Total			1,229,861			18,251,761			26,191,662			18,251,761

(a)

Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share.