Stock Compensation and Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	875	$	20.63
Granted	667	$	11.90
Vested	(287)	$	21.48
Forfeited	(7)	$	20.08
Outstanding awards, March 31, 2025	1,248	$	15.76

The total fair value of RSUs vested was $3.4 million during the three months ended March 31, 2025.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	259	$	22.96
Granted	241	$	12.31
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2025	500	$	17.83

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Stock compensation expense	$	3,897	$	4,135
Capitalized stock compensation	(180)		(169)
Stock compensation expense, net	$	3,717	$	3,966

As of March 31, 2025, there was $14.1 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.6 years.

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025		2024
Calculation of net (loss) income per share:
Loss from continuing operations	$	(9,132)	$	(4,090)
Total income from discontinued operations, net of tax	—		218,786
Net (loss) income	$	(9,132)	$	214,696

Amounts attributable to common shareholders
Loss from continuing operations	$	(10,604)	$	(4,090)
Total income from discontinued operations	—		218,786
Net (loss) income attributable to common shareholders	$	(10,604)	$	214,696

Basic and diluted weighted average shares outstanding	54,959		50,520

Per share amounts attributable to common shareholders
Loss from continuing operations	$	(0.19)	$	(0.08)
Income from discontinued operations, net of tax	—		4.33
Net (loss) income per share	$	(0.19)	$	4.25

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends.

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 450,000 and 462,000 potentially dilutive equity awards during the three months ended March 31, 2025 and 2024, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were also approximately 3,492,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) during the three months ended March 31, 2025; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s loss from continuing operations for the periods.