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Stock Compensation and Earnings (Loss) per Share | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock Compensation and Earnings (Loss) per Share | 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 | 756 |  |  | 12.06 |
Vested | (345) |  |  | 20.70 |
Forfeited | (50) |  |  | 16.60 |
Outstanding awards, September 30, 2025 | 1,236 |  |  | 15.53 |
The total fair value of RSUs vested was $4.2 million during the nine months ended September 30, 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 | 246 |  |  | 12.31 |
Vested | — |  |  | — |
Forfeited | (22) |  |  | 18.06 |
Outstanding awards, September 30, 2025 | 483 |  |  | 17.76 |
Stock-based compensation expense was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Stock compensation expense | $ | 2,260 |  |  | $ | 1,566 |  |  | $ | 8,650 |  |  | $ | 8,239 |
Capitalized stock compensation | (194) |  |  | (182) |  |  | (680) |  |  | (619) |
Stock compensation expense, net | $ | 2,066 |  |  | $ | 1,384 |  |  | $ | 7,970 |  |  | $ | 7,620 |
As of September 30, 2025, there was $8.8 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.3 years. The following table indicates the computation of basic and diluted earnings (loss) per share:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Calculation of net (loss) income per share: |  |  |  |  |  |  |
Loss from continuing operations | $ | (9,390) |  |  | $ | (5,304) |  |  | $ | (27,570) |  |  | $ | (22,167) |
Total income from discontinued operations, net of tax | — |  |  | 41 |  |  | — |  |  | 218,728 |
Net (loss) income | $ | (9,390) |  |  | $ | (5,263) |  |  | $ | (27,570) |  |  | $ | 196,561 |
Amounts attributable to common shareholders |  |  |  |  |  |  |
Loss from continuing operations | $ | (10,913) |  |  | $ | (6,942) |  |  | $ | (32,062) |  |  | $ | (23,805) |
Total income from discontinued operations | — |  |  | 41 |  |  | — |  |  | 218,728 |
Net (loss) income attributable to common shareholders | $ | (10,913) |  |  | $ | (6,901) |  |  | $ | (32,062) |  |  | $ | 194,923 |
Basic and diluted weighted average shares outstanding | 55,150 |  |  | 54,781 |  |  | 55,083 |  |  | 53,370 |
Per share amounts attributable to common shareholders |  |  |  |  |  |  |
Loss from continuing operations | $ | (0.20) |  |  | $ | (0.13) |  |  | $ | (0.58) |  |  | $ | (0.45) |
Income from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | 4.10 |
Net (loss) income per share | $ | (0.20) |  |  | $ | (0.13) |  |  | $ | (0.58) |  |  | $ | 3.65 |
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. The following table presents potentially dilutive instruments:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Potentially dilutive equity awards | 664 |  |  | 423 |  |  | 468 |  |  | 373 |
Potentially dilutive shares related to the Series A Preferred Stock | 3,615 |  |  | 3,373 |  |  | 3,615 |  |  | 3,373 |
Total potentially dilutive instruments | 4,279 |  |  | 3,796 |  |  | 4,083 |  |  | 3,746 |
Potentially dilutive instruments 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.

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