EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

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)

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(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

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(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.