Three Months Ended

Six Months Ended

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