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Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested stock-based awards qualify as participating securities.
The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The
Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding.
The following table presents the basic and diluted earnings per share computations for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net income$25,081 $5,101 $34,893 $21,327 
Participating basic earnings (a)(126)(59)(156)(94)
Basic earnings attributable to common stockholders24,955 5,042 34,737 21,233 
Reallocation of participating earnings— — — — 
Diluted earnings attributable to common stockholders$24,955 $5,042 $34,737 $21,233 
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic130,469 130,204 130,403 130,170 
Dilutive performance stock units119 32 90 26 
Dilutive stock options— 15 3 11 
Weighted average common shares outstanding – diluted130,588 130,251 130,496 130,207 
Net income per common share:
Basic$0.19 $0.04 $0.27 $0.16 
Diluted$0.19 $0.04 $0.27 $0.16 
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.
The following table is a summary of the PSUs and stock options, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of antidilutive common shares:
Antidilutive performance stock units250,566 98,406 134,411 56,555 
Antidilutive stock options621,624 511,706 584,765 474,389 
Total antidilutive common shares872,190 610,112 719,176 530,944