EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Basic earnings per share is calculated by dividing income from continuing operations, income from discontinued operations, or net income by the weighted-average number of shares outstanding during the period, including contingently issuable shares. Diluted earnings per share is calculated by dividing income from continuing operations, income from discontinued operations, or net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Dilutive potential common shares include shares that may be issued under warrants, including warrants issued in connection with the Oaktree Credit Agreement and private debt exchange transactions, and restricted stock and stock option awards. As of May 29, 2026, the Oaktree Warrants issued in connection with the Oaktree Credit Agreement were exercised and are no longer outstanding.

Securities that could potentially dilute basic net income per share in the future that were not included in the computation of diluted net income per share as the effect would be anti-dilutive were 1,350,215 and 3,229,165 during the three and six months ended June 30, 2026 and 2025, respectively.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended June 30,
	2026						2025
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	21,597	$	—	$	21,597	$	71,687	$	69,312	$	140,999
Net income attributable to noncontrolling interests	1,048		—		1,048		1,528		—		1,528
Net income attributable to Registrant	20,549		—		20,549		70,159		69,312		139,471
Preferred stock dividends	2,015		—		2,015		2,015		—		2,015
Net income available to common shareholders	$	18,534	$	—	$	18,534	$	68,144	$	69,312	$	137,456
Add back: Change in fair value of warrants and gain on warrant exercise	(1,331)		—		(1,331)		—		—		—
Diluted net income attributable to common stockholders	$	17,203	$	—	$	17,203	$	68,144	$	69,312	$	137,456


	Six Months Ended June 30,
	2026						2025
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	243,756	$	—	$	243,756	$	51,725	$	72,707	$	124,432
Net income (loss) attributable to noncontrolling interests	9,934		—		9,934		(5,064)		—		(5,064)
Net income attributable to Registrant	233,822		—		233,822		56,789		72,707		129,496
Preferred stock dividends	4,030		—		4,030		4,030		—		4,030
Net income available to common shareholders	$	229,792	$	—	$	229,792	$	52,759	$	72,707	$	125,466
Add back: Change in fair value of warrants and gain on warrant exercise	(1,331)		—		(1,331)		—		—		—
Diluted net income attributable to common stockholders	$	228,461	$	—	$	228,461	$	52,759	$	72,707	$	125,466


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Denominator:
Weighted average common shares outstanding:
Basic	37,811,031		30,527,835		34,879,728		30,512,757
Effect of dilutive potential common shares:
Restricted stock units, stock options and warrants	611,154		—		431,273		—
Diluted	38,422,185		30,527,835		35,311,001		30,512,757

Basic net income per common share:
Continuing operations	$	0.49	$	2.23	$	6.59	$	1.73
Discontinued operations	—		2.27		—		2.38
Basic income per common share	$	0.49	$	4.50	$	6.59	$	4.11
Diluted net income per common share:
Continuing operations	$	0.45	$	2.23	$	6.47	$	1.73
Discontinued operations	—		2.27		—		2.38
Diluted income per common share	$	0.45	$	4.50	$	6.47	$	4.11