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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | 10. Earnings Per Share Potentially dilutive common stock equivalents for the Company include convertible senior notes, unvested restricted stock, and restricted stock units. Prior to September 30, 2025, the potentially dilutive common stock equivalents for the Company also included warrants and prepaid stock purchase contracts. As of September 30, 2025, $23.3 million in aggregate principal amount of the Company's 2.00% convertible senior notes due 2026 (the "2026 Notes") remain outstanding and the maximum number of shares issuable upon settlement of the 2026 Notes is 3.9 million (after giving effect to 1.0 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events). As of September 30, 2025, $369.4 million in aggregate principal amount of the Company’s 3.50% convertible senior notes due 2029 (the “2029 Notes”) remain outstanding and the maximum number of shares issuable upon settlement of the 2029 Notes is 55.0 million (after giving effect to 13.9 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events). On July 26, 2020, the Company issued to Ventas a warrant (the "Warrant") to purchase 16.3 million shares of the Company’s common stock, $0.01 par value per share, at a price per share of $3.00. During the nine months ended September 30, 2025, the Company issued 5.7 million shares of common stock, upon the exercise of the Warrant by Ventas for the remaining 11.1 million shares, net of shares withheld to satisfy the aggregate exercise price. As of September 30, 2025, the Company had no outstanding warrants. During the three months ended December 31, 2022, the Company issued 2,875,000 of its 7.00% tangible equity units (the "Units") at a public offering price of $50.00 per Unit for an aggregate offering of $143.8 million. Each Unit was comprised of a prepaid stock purchase contract and a senior amortizing note with an initial principal amount of $8.8996. In March 2025, the Company elected to exercise its right to settle the remaining outstanding 2,291,338 prepaid stock purchase contracts, pursuant to the early settlement right in the purchase contract agreement, and the Company delivered 29,636,386 shares of the Company's common stock upon settlement. As of September 30, 2025, the Company had no outstanding prepaid stock purchase contracts and $0.8 million payable in 2025 for the senior amortizing notes component of the Units. Basic earnings per share ("EPS") is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, after giving effect to the weighted average minimum number of shares issuable upon settlement of the prepaid stock purchase contract component of the Units. The following table summarizes the computation of basic weighted average shares presented in the condensed consolidated statements of operations.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average common shares outstanding | 237,487 |  |  | 197,894 |  |  | 224,556 |  |  | 194,261 |
Weighted average minimum shares issuable under purchase contracts | — |  |  | 30,230 |  |  | 9,770 |  |  | 32,678 |
Weighted average shares outstanding - basic | 237,487 |  |  | 228,124 |  |  | 234,326 |  |  | 226,939 |
Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. Diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock. For the purposes of computing diluted EPS, weighted average shares outstanding do not include potentially dilutive securities that are anti-dilutive under the treasury stock method or if-converted method, and performance-based equity awards are included based on the attainment of the applicable performance metrics as of the end of the reporting period. The Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in both periods as a result of the net loss.
|  |  | As of September 30,
(in millions) |  |  |  |  | 2025 |  | 2024
2026 Notes at initial conversion rate |  |  |  |  | 2.9 |  |  | 28.4 |
Incremental shares issuable upon certain events for 2026 Notes |  |  |  |  | 1.0 |  |  | 9.9 |
2029 Notes at initial conversion rate |  |  |  |  | 41.1 |  |  | — |
Incremental shares issuable upon certain events for 2029 Notes |  |  |  |  | 13.9 |  |  | — |
Warrants |  |  |  |  | — |  |  | 12.6 |
Restricted stock and restricted stock units |  |  |  |  | 4.1 |  |  | 6.4 |
Incremental shares issuable under purchase contracts |  |  |  |  | — |  |  | 5.2 |
Total |  |  |  |  | 63.0 |  |  | 62.5 |

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