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Basic and Diluted Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Basic and Diluted Earnings Per Share | 2. Basic and Diluted Earnings Per Share (shares reported in thousands)
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders |  | $ | 110,997 |  |  | $ | 17,577 |  |  | $ | 273,572 |  |  | $ | 126,032 |
Weighted average shares outstanding |  |  | 125,249 |  |  |  | 56,224 |  |  |  | 83,126 |  |  |  | 56,224 |
Basic earnings per share |  | $ | 0.89 |  |  | $ | 0.31 |  |  | $ | 3.29 |  |  | $ | 2.24 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders |  | $ | 110,997 |  |  | $ | 17,577 |  |  | $ | 273,572 |  |  | $ | 126,032 |
Weighted average shares outstanding |  |  | 125,249 |  |  |  | 56,224 |  |  |  | 83,126 |  |  |  | 56,224 |
Add effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
Impact of convertible preferred stock |  |  | — |  |  |  | 50,801 |  |  |  | 31,615 |  |  |  | 50,823 |
Impact of vested and unvested common stock options |  |  | 13,104 |  |  |  | 11,855 |  |  |  | 13,230 |  |  |  | 11,908 |
Impact of RSU awards |  |  | 1,760 |  |  |  | — |  |  |  | 1,945 |  |  |  | — |
Impact of convertible preferred stock warrants |  |  | — |  |  |  | 640 |  |  |  | — |  |  |  | 655 |
Diluted weighted average common shares outstanding |  |  | 140,113 |  |  |  | 119,520 |  |  |  | 129,916 |  |  |  | 119,610 |
Diluted earnings per share |  | $ | 0.79 |  |  | $ | 0.15 |  |  | $ | 2.11 |  |  | $ | 1.05 |
The Company does not have any anti-dilutive shares for the three and nine months ended September 30, 2025 and 2024, respectively.

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