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Earnings (Losses) Per Share (Tables) | 9 Months Ended
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Sep. 30, 2025
Earnings (Losses) Per Share |
Reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations | A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (In thousands, except per share amounts)
BASIC EPS: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) (numerator): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss), net of tax | ​ | $ | 302,466 | ​ | $ | (33,087) | ​ | $ | 357,440 | ​ | $ | (55,118)
Less: net (income) loss attributable to noncontrolling interest | ​ |  | (28,268) | ​ |  | (22,738) | ​ |  | (81,164) | ​ |  | (67,295)
Less: deemed dividends to SPAC public shareholders | ​ |  | (750) | ​ |  | — | ​ |  | (750) | ​ |  | —
Less: accrued distribution on redeemable noncontrolling interest in subsidiary | ​ | ​ | (7,344) | ​ | ​ | (7,363) | ​ | ​ | (21,792) | ​ | ​ | (21,929)
Less: distributed and undistributed earnings allocated to unvested shareholders | ​ | ​ | (8,828) | ​ | ​ | — | ​ | ​ | (9,106) | ​ | ​ | —
Numerator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted income (loss), net of tax - basic | ​ | $ | 257,276 | ​ | $ | (63,188) | ​ | $ | 244,628 | ​ | $ | (144,342)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average number of shares outstanding - basic | ​ |  | 14,098 | ​ |  | 9,213 | ​ |  | 12,880 | ​ |  | 9,199
Earnings (losses) per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic | ​ | $ | 18.25 | ​ | $ | (6.86) | ​ | $ | 18.99 | ​ | $ | (15.69)
DILUTED EPS: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted income (loss), net of tax - basic | ​ | $ | 257,276 | ​ | $ | (63,188) | ​ | $ | 244,628 | ​ | $ | (144,342)
Add: after tax interest expense of convertible notes | ​ | ​ | 848 | ​ | ​ | — | ​ | ​ | 2,544 | ​ | ​ | —
Add: effect of reallocating undistributed earnings of unvested shareholders | ​ | ​ | 28 | ​ | ​ | — | ​ | ​ | 24 | ​ | ​ | —
Adjusted income (loss), net of tax - diluted | ​ | $ | 258,152 | ​ | $ | (63,188) | ​ | $ | 247,196 | ​ | $ | (144,342)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average number of shares outstanding - basic | ​ |  | 14,098 | ​ |  | 9,213 | ​ |  | 12,880 | ​ |  | 9,199
Add: if converted dilutive effect of convertible notes | ​ | ​ | 1,176 | ​ | ​ | — | ​ | ​ | 1,176 | ​ | ​ | —
Add: dilutive effect of potential common shares | ​ | ​ | 47 | ​ | ​ | — | ​ | ​ | 36 | ​ | ​ | —
Weighted-average number of shares outstanding - diluted | ​ | ​ | 15,321 | ​ | ​ | 9,213 | ​ | ​ | 14,092 | ​ | ​ | 9,199
Earnings (losses) per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted | ​ | $ | 16.85 | ​ | $ | (6.86) | ​ | $ | 17.54 | ​ | $ | (15.69)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
Potentially dilutive securities excluded as anti-dilutive | The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024
Potentially dilutive securities excluded as anti-dilutive | ​ | ​ | 3,477 | ​ | ​ | 3,383 | ​ | ​ | 3,500 | ​ | ​ | 3,390
​

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