Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings per Common Share

The following table provides the basic and diluted earnings per common share computations for the three and nine months ended September 30, 2025 and 2024.

Table 21.1 – Basic and Diluted Earnings per Common Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, except Share Data)	2025		2024		2025		2024
Basic (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(9,454)	$	13,076	$	(95,306)	$	55,365
Less: Dividends and undistributed earnings allocated to participating securities	(1,360)		(1,088)		(4,185)		(3,116)
Net (loss) income allocated to common stockholders	$	(10,814)	$	11,988	$	(99,491)	$	52,249
Basic weighted average common shares outstanding	129,018,261		132,218,180		131,583,195		131,969,039
Basic (Loss) Earnings per Common Share	$	(0.08)	$	0.09	$	(0.76)	$	0.40
Diluted (Loss) Earnings per Common Share:
Net (loss) income (related) available to common stockholders	$	(9,454)	$	13,076	$	(95,306)	$	55,365
Less: Dividends and undistributed earnings allocated to participating securities	(1,360)		(1,088)		(4,185)		(3,116)

Net (loss) income allocated to common stockholders	$	(10,814)	$	11,988	$	(99,491)	$	52,249
Weighted average common shares outstanding	129,018,261		132,218,180		131,583,195		131,969,039
Net effect of dilutive equity awards	—		139,517		—		49,122

Diluted weighted average common shares outstanding	129,018,261		132,357,697		131,583,195		132,018,161
Diluted (Loss) Earnings per Common Share	$	(0.08)	$	0.09	$	(0.76)	$	0.40

We included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights, in the calculations of basic and diluted earnings per common share as we determined that the two-class method was more dilutive than the alternative treasury stock method for these shares. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.

During the three and nine months ended September 30, 2025 and 2024, none of our convertible or exchangeable senior notes were determined to be dilutive and were not included in the calculation of diluted EPS under the "if-converted" method. Under this method, for convertible and exchangeable senior notes due in 2024 and 2025, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. For convertible notes due in 2027, if the potential conversion of the debt is dilutive, then the number of shares needed to settle the conversion premium are added to the shares outstanding used to calculate dilutive EPS.

During the three and nine months ended September 30, 2025, none of our Warrants were determined to be dilutive to our calculation of dilutive earnings per common share. The Warrants would have a dilutive effect on earnings per common share to the extent that the Warrants are vested and exercisable, and the average market value per share of our common stock exceeds the strike price of the Warrants.

For both the three and nine months ended September 30, 2025, 32,403,083 and 31,127,434 of common shares related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three and nine months ended September 30, 2024, 29,335,176 and 33,167,991 of common shares related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share.

For the three and nine months ended September 30, 2025, the number of outstanding equity awards that were antidilutive totaled 20,938 and 66,185 common shares. For the three and nine months ended September 30, 2024, the number of outstanding equity awards that were antidilutive totaled 19,032 and 61,569 common shares.

For additional information regarding EPS, see Note 20 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.