EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

The Company has two classes of common stock and, as such applies the “two-class method” of computing earnings per

share in accordance with ASC 260, “Earnings Per Share.” Earnings are allocated in the same manner as dividends would be

distributed. The Company’s common shareholders are entitled to equally share in all dividends and distributions based on

such shareholders’ pro rata ownership interest in the Company, except that each share of Class B common stock is treated

as if such share had been converted into ten Class A Shares for purposes of calculating the economic rights of the Class B

Shares, including upon liquidation of the Company or the declaration of dividends or distributions by the Company.

The following tables summarize the calculation of earnings per share under the two-class method:


	Quarter Ended September 30,			Quarter Ended September 30,
	2025				2024
(in thousands, except share and per share data)	Class A common stock	Class B common stock	Consolidated	Class A common stock	Class B common stock	Consolidated
Net income			$55,161			$39,944
Basic:
Numerator
Allocation of distributed earnings (cash dividends declared)	$—	$—	$—	$28,419	$1,577	$29,996
Allocation of undistributed earnings	52,345	2,816	55,161	9,425	523	9,948
Allocation of distributed and undistributed earnings	$52,345	$2,816	$55,161	$37,844	$2,100	$39,944

Denominator
Basic weighted average common shares outstanding	207,189,764	1,114,448	208,304,212	200,884,880	1,114,448	201,999,328
Basic earnings per share (1)	$0.25	$2.53	$0.26	$0.19	$1.88	$0.20

Diluted:
Numerator
Allocation of distributed and undistributed earnings	$52,345	$2,816	$55,161	$37,844	$2,100	$39,944

Denominator
Basic weighted average common shares outstanding	207,189,764	1,114,448	208,304,212	200,884,880	1,114,448	201,999,328
Dilutive effect of unvested restricted stock units	68,914	—	68,914	92,431	—	92,431
Diluted weighted average common shares outstanding	207,258,678	1,114,448	208,373,126	200,977,311	1,114,448	202,091,759
Diluted earnings per share (1)	$0.25	$2.53	$0.26	$0.19	$1.88	$0.20

(1) Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from

the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock.


	Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2024
(in thousands, except share and per share data)	Class A common stock	Class B common stock	Consolidated	Class A common stock	Class B common stock	Consolidated
Net income (loss)			$141,437			$(22,664)
Basic:
Numerator
Allocation of distributed earnings (cash dividends declared)	$—	$—	$—	$89,999	$4,993	$94,992
Allocation of undistributed earnings (losses)	134,077	7,360	141,437	(111,472)	(6,184)	(117,656)
Allocation of distributed and undistributed earnings (losses)	$134,077	$7,360	$141,437	$(21,473)	$(1,191)	$(22,664)

Denominator
Basic weighted average common shares outstanding	203,012,384	1,114,448	204,126,832	200,876,688	1,114,448	201,991,136
Basic earnings (loss) per share (1)	$0.66	$6.60	$0.69	$(0.11)	$(1.07)	$(0.11)

Diluted:
Numerator
Allocation of distributed and undistributed earnings (losses)	$134,077	$7,360	$141,437	$(21,473)	$(1,191)	$(22,664)

Denominator
Basic weighted average common shares outstanding	203,012,384	1,114,448	204,126,832	200,876,688	1,114,448	201,991,136
Dilutive effect of unvested restricted stock units (2)	62,619	—	62,619	—	—	—
Diluted weighted average common shares outstanding	203,075,003	1,114,448	204,189,451	200,876,688	1,114,448	201,991,136
Diluted earnings per share (1)	$0.66	$6.60	$0.69	$(0.11)	$(1.07)	$(0.11)

(1) Periods prior to September 2, 2025 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from

the Merger of 3,301.0920 for Class A common stock and 330.1092 for Class B common stock.

(2) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the nine months ended September 30, 2024 were

certain unvested RSUs. On a weighted average basis, 112,237 unvested RSUs were excluded because their effect would have been anti-dilutive.