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EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Schedule of Earnings Income (Loss) Per Share | Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
Net income (loss) | $ | 111,393 |  |  | $ | (13,967) |
Dividends on preferred stock | — |  |  | (1,093) |
Deemed dividend on preferred stock(1) | (29,986) |  |  | — |
Participating securities - preferred stock(2) | — |  |  | — |
Net income (loss) attributable to common stockholders | $ | 81,407 |  |  | $ | (15,060) |
Re-allocation of participating securities | — |  |  | — |
Diluted net income (loss) attributable to common stockholders | $ | 81,407 |  |  | $ | (15,060) |
Basic Shares | 18,114 |  |  | 18,062 |
Dilutive Shares | 18,290 |  |  | 18,062 |
Basic EPS | $ | 4.49 |  |  | $ | (0.83) |
Dilutive EPS | $ | 4.45 |  |  | $ | (0.83) |
_____________________ (1) Reflects the difference between the carrying value of the preferred stock and the cash settlement, including $1.1 million in direct transaction-related costs. (2) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
Net income | $ | 295,395 |  |  | $ | 11,856 |
Dividends on preferred stock | (1,666) |  |  | (3,293) |
Deemed dividend on preferred stock(1) | (29,986) |  |  | — |
Participating securities - preferred stock(2) | — |  |  | (1,259) |
Net income attributable to common stockholders | $ | 263,743 |  |  | $ | 7,304 |
Re-allocation of participating securities | — |  |  | 20 |
Diluted net income attributable to common stockholders | $ | 263,743 |  |  | $ | 7,324 |
Basic Shares | 17,901 |  |  | 18,133 |
Dilutive Shares | 18,102 |  |  | 18,463 |
Basic EPS | $ | 14.73 |  |  | $ | 0.40 |
Dilutive EPS | $ | 14.57 |  |  | $ | 0.40 |
_____________________ (1) Reflects the difference between the carrying value of the preferred stock and the cash settlement, including $1.1 million in direct transaction-related costs. (2) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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