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Earnings (Loss) Per Share (Tables) | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income(Loss) Per Share | The following tables present the computation of basic and diluted net earnings (loss) per share for the years indicated:
| Year Ended December 31, 2024
| (In thousands, except per share amounts)
|  |  |  |  | Non-Voting |  |
|  |  | Class B |  | Common |  |
| Voting |  | Non-Voting |  | Stock |  |
| Common |  | Common |  | Equivalents |  | Total
Basic Earnings Per Share: (1) |  |  |  |  |  |  |
Net earnings available to common and equivalent stockholders | $ | 81,619 |  |  | $ | 246 |  |  | $ | 5,235 |  |  | $ | 87,100 |
Less: Earnings allocated to unvested restricted stock (2) | 58 |  |  | — |  |  | — |  |  | 58 |
Net earnings allocated to common and equivalent shares | $ | 81,677 |  |  | $ | 246 |  |  | $ | 5,235 |  |  | $ | 87,158 |
Weighted average basic shares and unvested restricted stock |  |  |  |  |  |  |
outstanding | 158,321 |  |  | 477 |  |  | 10,123 |  |  | 168,921 |
Less: weighted average unvested restricted stock outstanding | (480) |  |  | — |  |  | — |  |  | (480) |
Weighted average basic shares outstanding | 157,841 |  |  | 477 |  |  | 10,123 |  |  | 168,441 |
Basic earnings per share | $ | 0.52 |  |  | $ | 0.52 |  |  | $ | 0.52 |  |  | $ | 0.52 |
Diluted Earnings Per Share: (3) |  |  |  |  |  |  |
Net earnings allocated to common and equivalent shares | $ | 81,619 |  |  | $ | 246 |  |  | $ | 5,235 |  |  | $ | 87,100 |
Weighted average diluted shares outstanding | 158,084 |  |  | 477 |  |  | 10,123 |  |  | 168,684 |
Diluted earnings per share | $ | 0.52 |  |  | $ | 0.52 |  |  | $ | 0.52 |  |  | $ | 0.52 |
______________________________ (1) Basic earnings per share is using the two-class method. (2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings available to holders of unvested restricted stock, if any. (3) Diluted earnings per share is using the treasury method.
|  |  |  |  |  |  |  |  | Year Ended
|  |  |  |  |  |  |  |  | December 31,
| Year Ended December 31, 2023 |  | 2022
| (In thousands, except per share amounts)
|  |  |  |  | Non-Voting |  |  |  |
|  |  | Class B |  | Common |  |  |  |
| Voting |  | Non-Voting |  | Stock |  |  |  | Total
| Common |  | Common |  | Equivalents |  | Total |  | Common (1)
Basic (Loss) Earnings Per Share: |  |  |  |  |  |  |  |  |
Net (loss) earnings available to common and equivalent |  |  |  |  |  |  |  |  |
stockholders | $ | (1,917,121) |  |  | $ | (920) |  |  | $ | (20,884) |  |  | $ | (1,938,925) |  |  | $ | 404,274 |
Less: Earnings allocated to unvested restricted stock (2) | — |  |  | — |  |  | — |  |  | — |  |  | (7,474) |
Net (loss) earnings allocated to common and equivalent |  |  |  |  |  |  |  |  |
shares | $ | (1,917,121) |  |  | $ | (920) |  |  | $ | (20,884) |  |  | $ | (1,938,925) |  |  | $ | 396,800 |
Weighted average basic shares and unvested restricted |  |  |  |  |  |  |  |  |
stock outstanding | 85,603 |  |  | 40 |  |  | 920 |  |  | 86,563 |  |  | 78,875 |
Less: weighted average unvested restricted stock |  |  |  |  |  |  |  |  |
outstanding | (1,169) |  |  | — |  |  | — |  |  | (1,169) |  |  | (1,604) |
Weighted average basic shares outstanding | 84,434 |  |  | 40 |  |  | 920 |  |  | 85,394 |  |  | 77,271 |
Basic (loss) earnings per share | $ | (22.71) |  |  | $ | 22.71 |  |  | $ | 22.71 |  |  | $ | (22.71) |  |  | $ | 5.14 |
Diluted (Loss) Earnings Per Share: (3) |  |  |  |  |  |  |  |  |
Net (loss) earnings allocated to common and equivalent |  |  |  |  |  |  |  |  |
shares | $ | (1,917,121) |  |  | $ | (920) |  |  | $ | (20,884) |  |  | $ | (1,938,925) |  |  | $ | 396,800 |
Weighted average diluted shares outstanding | 84,434 |  |  | 40 |  |  | 920 |  |  | 85,394 |  |  | 77,271 |
Diluted (loss) earnings per share | $ | (22.71) |  |  | $ | 22.71 |  |  | $ | 22.71 |  |  | $ | (22.71) |  |  | $ | 5.14 |
______________________________ (1) Share amounts for 2022 have been restated by multiplying historical amounts by the Merger exchange ratio of 0.6569. (2) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings available to holders of unvested restricted stock, if any. (3) Diluted earnings per share is using the two-class method.
Schedule of Weighted Average Restricted Shares and Warrants Excluded from Computation of Earnings Per Share | The following table presents the weighted average outstanding restricted shares and warrants that were not included in the computation of diluted (loss) earnings per share because their effect would be anti-dilutive for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In ones)
Restricted stock awards and units | 480 |  |  | 1,169,407 |  |  | 1,604,412 |
Warrants | 18,902 |  |  | 1,604,733 |  |  | — |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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