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NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

NOTE 13 NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated using the treasury stock method for options and warrants and the if-converted method for the convertible senior unsecured notes. Under the if-converted method, interest expense, net of tax, is added back to net income and the weighted-average shares outstanding are increased by the shares issuable upon conversion of the notes. In applying the treasury stock method, instruments with an exercise price greater than the average quoted market price of the common shares for the period are not included in the calculation, as the impact would be anti-dilutive.

For periods in which the Company has reported a net loss, diluted net loss per share is computed in the same manner as basic net loss per share because potentially dilutive instruments, including the conversion option embedded in the convertible senior unsecured notes, are generally anti-dilutive during such periods.

Below is a reconciliation of the basic and diluted weighted average number of common shares and the computations for basic and diluted net income (loss) per share for the three and six months ended June 30, 2026, and 2025:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

	(amounts in thousands, unless otherwise noted)
Basic Earnings per Share
Net income (loss) available to common stockholders — Basic earnings per share	$	9,606		$	3,040		$	42,985		$	(3,230)
Weighted average common shares outstanding		59,557			53,968			59,473			53,623
Weighted average common stock issuable		441			—			221			—
Weighted average basic shares		59,998			53,968			59,694			53,623
Basic net income (loss) per share:	$	0.16		$	0.06		$	0.72		$	(0.06)

Diluted Earnings per Share
Net income (loss) available to common stockholders	$	9,606		$	3,040		$	42,985		$	(3,230)
Add back: Interest effect of convertible notes, net of tax		1,153			—			2,294			—
Net income (loss) available to common stockholders — Diluted earnings per share	$	10,759		$	3,040		$	45,279		$	(3,230)

Weighted average basic shares		59,998			53,968			59,694			53,623
Weighted average common stock issuable		1,086			26			1,272			—
Dilutive effect of stock options, restricted stock units, and warrants		805			28			826			—
Dilutive effect of convertible notes		12,717			—			12,717			—
Weighted average diluted shares		74,606			54,022			74,509			53,623
Diluted net income (loss) per share	$	0.14		$	0.06		$	0.61		$	(0.06)

Basic Earnings per Share

For the three and six months ended June 30, 2026, the weighted average number of common shares outstanding was increased by 441,071 and 220,536 incremental shares, respectively, related to subscription receipts that were contingently issuable subject to shareholder approval at the Company’s Annual Meeting of Shareholders held on June 4, 2026. The shareholder approval condition was satisfied during the period, and the related common shares were subsequently issued after June 30, 2026.

Diluted Earnings per Share

For the three months ended June 30, 2026, the weighted average number of common shares was increased by 1,891,120 incremental shares to reflect the impact of dilutive instruments, including 1,085,714 subscription receipts.

Convertible senior unsecured notes were assumed to have been converted at the beginning of the period. Accordingly, $1.2 million of interest expense related to the notes, net of tax, was added back to net income, and the weighted-average number of common shares outstanding was increased by 12,716,759 shares representing the shares issuable upon conversion.

For the three months ended June 30, 2025, the weighted average number of common shares was increased by 54,522 incremental shares to reflect the impact of dilutive instruments, while 314,580 options were anti-dilutive and excluded.

For the six months ended June 30, 2026, the weighted average number of common shares was increased by 2,098,043 incremental shares to reflect the impact of dilutive instruments, including 1,272,322 subscription receipts.

Convertible senior unsecured notes were assumed to have been converted at the beginning of the period. Accordingly, $2.3 million of interest expense related to the notes, net of tax, was added back to net income, and the weighted-average number of common shares outstanding was increased by 12,716,759 shares representing the shares issuable upon conversion.

For the six months ended June 30, 2025, all 827,347 outstanding stock options and all 167,849 outstanding warrants were excluded from the respective computations of diluted loss per share, as the Company was in a loss position, and all potentially dilutive instruments were anti-dilutive and therefore not included in the calculation of diluted net loss per share.