| Schedule of Earnings (Loss) Per Share, Basic and Diluted |
The following table presents a reconciliation of the net loss and shares used in calculating basic and diluted loss per share for the three and nine months ended September 30, 2025 and 2024:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in thousands, except share data) |
2025 |
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2024 |
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2025 |
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2024 |
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Basic Loss Per Share: |
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Net (loss) income |
$ |
(127,921) |
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$ |
(238,485) |
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$ |
(466,017) |
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$ |
21,439 |
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Dividends on preferred stock |
(13,324) |
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(11,784) |
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(39,749) |
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(35,352) |
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Gain on repurchase and retirement of preferred stock |
— |
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— |
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— |
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644 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
(294) |
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(303) |
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(1,042) |
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(940) |
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Net loss attributable to common stockholders, basic |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Basic weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Basic loss per weighted average common share |
$ |
(1.36) |
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$ |
(2.42) |
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$ |
(4.87) |
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$ |
(0.14) |
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Diluted Loss Per Share: |
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Net loss attributable to common stockholders, basic |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
— |
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— |
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— |
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— |
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Interest expense attributable to convertible notes |
— |
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— |
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— |
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— |
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Net loss attributable to common stockholders, diluted |
$ |
(141,539) |
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$ |
(250,572) |
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$ |
(506,808) |
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$ |
(14,209) |
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Basic weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
— |
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— |
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— |
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— |
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Effect of dilutive shares issued in an assumed conversion |
— |
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— |
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— |
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— |
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Diluted weighted average common shares |
104,144,560 |
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103,635,455 |
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104,069,057 |
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103,531,431 |
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Diluted loss per weighted average common share |
$ |
(1.36) |
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$ |
(2.42) |
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$ |
(4.87) |
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$ |
(0.14) |
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