Earnings Per Share

9 Months Ended

Sep. 30, 2025

The Company calculates earnings per share under the two-class method. The Company has granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, the Company computes earnings per share under the two-class earnings allocation method, which computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Basic earnings per share amounts have been computed as (i) net income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.

The following table summarizes the basic and diluted earnings per share for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,


	2025		2024		2025		2024

	(In thousands, except per share data)
Net income (loss)	$	130,111	$	225,316	$	(39,957)	$	638,030
Distributed and undistributed earnings allocated to participating securities	(751)		(778)		(1,313)		(2,598)
Net income (loss) attributable to common stockholders (basic)	129,360		224,538		(41,270)		635,432
Reallocation of distributed and undistributed earnings allocated to participating securities	—		3		—		19
Net income (loss) attributable to common stockholders (diluted)	$	129,360	$	224,541	$	(41,270)	$	635,451

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	57,157		61,802		57,141		50,388
Dilutive effect of share-based awards	—		365		54		413
Dilutive effect of warrants	—		462		—		706
Diluted weighted average common shares outstanding	57,157		62,629		57,195		51,507

Basic earnings (loss) per share	$	2.26	$	3.63	$	(0.72)	$	12.61
Diluted earnings (loss) per share	$	2.26	$	3.59	$	(0.72)	$	12.34

Anti-dilutive weighted average common shares:
Potential common shares	771		1,505		910		1,853

For the three and nine months ended September 30, 2025 and 2024, the diluted earnings (loss) per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.