Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reconciliation of Basic and Diluted Earnings Per Share

The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
Basic Earnings per Share	2025			2024			2025			2024
Net income/(loss)	$	19,701		$	(4,485	)	$	69,107		$	39,385
Less: Excise tax on stock repurchases		(718	)		—			(718	)		—
Less: Loss on repurchase of Series A Non-Voting Convertible Preferred Stock		—			(11,375	)		—			(11,375	)
Less: Income distributed to participating securities		—			(2,331	)		—			(3,255	)
Less: Undistributed income allocable to participating securities		—			—			(22	)		(1,096	)
Net income/(loss) available to common stockholders—Basic EPS	$	18,983		$	(18,191	)	$	68,367		$	23,659
Weighted average common shares (in thousands)		139,584			143,929			141,736			145,756
Basic earnings/(loss) per share	$	0.14		$	(0.13	)	$	0.48		$	0.16

	Three Months Ended September 30,					Nine Months Ended September 30,
Diluted Earnings per Share	2025		2024			2025			2024
Net income/(loss) available to common stockholders	$	18,983	$	(18,191	)	$	68,367		$	23,659
Add back: Undistributed income allocable to participating securities		—		—			22			1,096
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		—		—			(21	)		(900	)
Net income/(loss) available to common stockholders—Diluted EPS	$	18,983	$	(18,191	)	$	68,368		$	23,855
Weighted average diluted shares (in thousands):
Weighted average common shares		139,584		143,929			141,736			145,756
Dilutive effect of common stock equivalents, excluding participating securities		11,091		—			4,566			4,324
Weighted average diluted shares, excluding participating securities (in thousands)		150,675		143,929			146,302			150,080
Diluted earnings/(loss) per share	$	0.13	$	(0.13	)	$	0.47		$	0.16

Schedule of Weighted Average Diluted Shares

The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above:

	Three Months Ended September 30,					Nine Months Ended September 30,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2025		2024			2025			2024
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations		150,675		143,929	⁽¹⁾		146,360			162,691
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Series A Non-Voting Convertible Preferred Stock		—		—			—			(12,112	)
Potentially dilutive restricted stock awards		—		—			(58	)		(499	)
Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above		150,675		143,929			146,302			150,080

⁽¹⁾

Excludes 7,540 participating securities and 5,276 potentially dilutive non-participating common stock equivalents for the three months ended September 30, 2024, as the Company reported a net loss for the period (shares herein are reported in thousands).