Earnings Per Share

9 Months Ended

Sep. 30, 2025

We provide a dual presentation of our net income (loss) per common share in our unaudited condensed consolidated statements of operations: basic net income (loss) per common share (“Basic EPS”) and diluted net income (loss) per common share (“Diluted EPS”).

Basic EPS excludes dilution and is determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period.

Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options and non-vested performance units and non-vested restricted stock units. The dilutive effect of stock options, non-vested performance units and non-vested restricted stock units is determined using the treasury stock method.

The following table presents information necessary to calculate net income (loss) per share for the three and nine months ended September 30, 2025 and 2024 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
BASIC EPS:
Net income (loss) attributable to common stockholders	$	(36,402)	$	(978,761)	$	(84,541)	$	(916,449)
Weighted average number of common shares outstanding, excluding non-vested restricted stock units	382,819		391,732		384,888		399,795
Basic net income (loss) per common share	$	(0.10)	$	(2.50)	$	(0.22)	$	(2.29)

DILUTED EPS:
Net income (loss) attributable to common stockholders	$	(36,402)	$	(978,761)	$	(84,541)	$	(916,449)
Weighted average number of common shares outstanding, including non-vested restricted stock units	382,819		391,732		384,888		399,795


Diluted net income (loss) per common share	$	(0.10)	$	(2.50)	$	(0.22)	$	(2.29)
Potentially dilutive securities excluded as anti-dilutive	10,672		7,847		10,672		7,847