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Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Loss Per Share

The components of basic and diluted income (loss) per share consisted of the following:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in thousands, except per share data)		2025				2024				2025				2024
Income from continuing operations		$	87,983			$	50,541			$	64,358			$	21,814
Net income attributable to non-redeemable noncontrolling interest			(11,248	)			(7,178	)			(14,117	)			(8,062	)
Net (income) loss attributable to redeemable noncontrolling interest			—				(71	)			—				372
Net income from continuing operations attributable to Pursuit			76,735				43,292				50,241				14,124
Adjustment to allocation to participating securities			—				(9,911	)			—				(1,988	)
Dividends paid on convertible preferred stock			—				(1,950	)			—				(5,850	)
Net income from continuing operations allocated to Pursuit common stockholders (basic)			76,735				31,431				50,241				6,286
(Loss) income from discontinued operations, net of tax			(2,882	)			5,323				(1,878	)			38,685
Adjustment to allocation to participating securities			—				(1,276	)			—				(9,294	)
Net (loss) income from discontinued operations allocated to Pursuit common stockholders (basic)			(2,882	)			4,047				(1,878	)			29,391
Net income allocated to Pursuit common stockholders (basic)		$	73,853			$	35,478			$	48,363			$	35,677
Add: Allocation to participating securities			—				177				—				165
Net income allocated to Pursuit common stockholders (diluted)		$	73,853			$	35,655			$	48,363			$	35,842
Basic weighted-average outstanding common shares			28,275				21,166				28,214				21,107
Additional dilutive shares related to share-based compensation			183				449				186				410
Diluted weighted-average outstanding common shares			28,458				21,615				28,400				21,517
Income (loss) per common share:
Basic:
Continuing operations		$	2.71			$	1.49			$	1.78			$	0.30
Discontinued operations			(0.10	)			0.19				(0.07	)			1.39
Basic income attributable to Pursuit common stockholders:		$	2.61			$	1.68			$	1.71			$	1.69
Diluted (1):
Continuing operations		$	2.70			$	1.46			$	1.77			$	0.30
Discontinued operations			(0.10	)			0.19				(0.07	)			1.37
Diluted income attributable to Pursuit common stockholders:		$	2.60			$	1.65			$	1.70			$	1.67

(1)Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in thousands)		2025				2024				2025			2024
Unvested restricted share-based awards			16				2				69			18
Unvested performance share-based awards			103				152				140			119
Stock options			—				138				121			138

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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

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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