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Earnings Per Share ("EPS") | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Share ("EPS") | 10. Earnings Per Share (“EPS”) Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted net income (loss) per share of common stock is computed by giving effect to all potential weighted average dilutive common stock. In periods of net loss, no potentially dilutive common shares are included in the diluted shares outstanding as the effect is anti-dilutive. The number of additional shares of common stock related to stock option awards subject to only a time-based condition is calculated using the treasury stock method, if dilutive. Stock option awards subject to a performance condition are not included in the denominator of the diluted EPS calculation using the treasury stock method for the year ended December 31, 2023, as the performance condition had not been satisfied. Upon completion of the IPO in January 2024, the performance condition was met and a portion of the Tier I options vested (Note 11). Thus, the number of additional shares of common stock related to stock option awards subject to a performance condition are included in the denominator of the diluted EPS calculation using the treasury stock method for the years ended December 31, 2025 and 2024, if dilutive. The number of additional shares of common stock related to restricted stock units (“RSUs”) is reflected in the denominator of the diluted EPS calculation using the treasury stock method, if dilutive. For the years ended December 31, 2025 and 2024, the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic EPS. For diluted EPS, the shares were assumed to be settled at a conversion factor based on the 20-day VWAP per share of the Company's common stock not to exceed 3.8461 shares per Purchase Contract, if dilutive. See Note 7 for further discussion of TEUs. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common shareholders (in thousands, except per share amounts):
|  | For The Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 104,796 |  |  | $ | (68,931 | ) |  | $ | (182,266 | )
Less: Net loss attributable to noncontrolling interests |  |  | (1,553 | ) |  |  | (2,459 | ) |  |  | (2,232 | )
Net income (loss) from continuing operations attributable to common shareholders |  |  | 106,349 |  |  |  | (66,472 | ) |  |  | (180,034 | )
Net income from discontinued operations |  |  | 84,317 |  |  |  | 48,410 |  |  |  | 25,431 |
Net income (loss) attributable to common shareholders |  | $ | 190,666 |  |  | $ | (18,062 | ) |  | $ | (154,603 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding - basic |  |  | 202,564 |  |  |  | 192,997 |  |  |  | 117,868 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |
Stock options |  |  | 8,865 |  |  |  | — |  |  |  | — |
RSUs |  |  | 8,345 |  |  |  | — |  |  |  | — |
TEUs |  |  | — |  |  |  | — |  |  |  | — |
Weighted-average shares outstanding - diluted |  |  | 219,774 |  |  |  | 192,997 |  |  |  | 117,868 |
Basic income (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.53 |  |  | $ | (0.34 | ) |  | $ | (1.53 | )
Discontinued operations |  | $ | 0.41 |  |  | $ | 0.25 |  |  | $ | 0.22 |
Net income (loss) per share |  | $ | 0.94 |  |  | $ | (0.09 | ) |  | $ | (1.31 | )
Diluted income (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.48 |  |  | $ | (0.34 | ) |  | $ | (1.53 | )
Discontinued operations |  | $ | 0.39 |  |  | $ | 0.25 |  |  | $ | 0.22 |
Net income (loss) per share |  | $ | 0.87 |  |  | $ | (0.09 | ) |  | $ | (1.31 | )
The following potentially common share equivalents were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, as well as options that are contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
|  | For The Years Ended December 31, |
|  | 2025 |  |  | 2024 (1) |  |  | 2023 (1) |
Stock options |  |  | 259 |  |  |  | 14,936 |  |  |  | 14,140 |
RSUs |  |  | — |  |  |  | 10,587 |  |  |  | — |
TEUs |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 259 |  |  |  | 25,523 |  |  |  | 14,140 |
(1) The dilutive effect of stock options were excluded from the computation of loss per share because the assumed proceeds from the awards' exercise were greater than the average market price of the common shares. All share and per share amounts have been retroactively adjusted to reflect the effects of a 15.7027-for-one stock split that occurred in January 2024 in conjunction with the IPO Offerings.

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