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Net income (loss) per common share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net income (loss) per common share | Net income (loss) per common share Basic net income (loss) per common share is computed by first subtracting preferred stock dividends, if any, from net income (loss) to arrive at net income (loss) available to common stockholders, and then dividing net income (loss) available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted-average common shares outstanding for the period, which reflects the potential dilution of non-vested equity-based compensation awards and outstanding preferred stock. In periods where the Company has a net loss, the non-vested equity-based compensation awards and outstanding preferred stock are excluded from the calculation of diluted net loss per common share as their effect would be anti-dilutive. See Notes 8 and 9 in the 2024 Annual Report for additional discussion of the Company's preferred stock and equity-based compensation awards, respectively. The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income (loss) per common share for the periods presented:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands, except for per share data) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) |  | $ | (353,522) |  |  | $ | 215,300 |  |  | $ | (954,931) |  |  | $ | 185,871 |
Less: preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 652 |
Net income (loss) available to common stockholders |  | $ | (353,522) |  |  | $ | 215,300 |  |  | $ | (954,931) |  |  | $ | 185,219 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |
Basic |  | 37,801 |  |  | 37,459 |  |  | 37,714 |  |  | 36,472 |
Dilutive non-vested restricted stock awards |  | — |  |  | 102 |  |  | — |  |  | 108 |
Dilutive non-vested share-settled performance share unit awards |  | — |  |  | 19 |  |  | — |  |  | 13 |
Dilutive preferred stock |  | — |  |  | — |  |  | — |  |  | 777 |
Diluted |  | 37,801 |  |  | 37,580 |  |  | 37,714 |  |  | 37,370 |
Net income (loss) per common share: |  |  |  |  |  |  |  |
Basic |  | $ | (9.35) |  |  | $ | 5.75 |  |  | $ | (25.32) |  |  | $ | 5.08 |
Diluted |  | $ | (9.35) |  |  | $ | 5.73 |  |  | $ | (25.32) |  |  | $ | 4.97 |
Anti-dilutive weighted-average common shares outstanding(1): |  |  |  |  |  |  |  |
Non-vested restricted stock awards |  | 714 |  | 396 |  | 745 |  | 104
Non-vested share-settled performance share unit awards |  | — |  | — |  | 7 |  | —
_____________________________________________________________________________ (1)Shares excluded from the diluted net income (loss) per common share calculation because their effect would be anti-dilutive.

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