| Schedule of Earnings (Loss) Per Share, Basic and Diluted |
The following table presents a reconciliation of the net earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the three and six months ended June 30, 2026 and 2025:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(in thousands, except share data) |
2026 |
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2025 |
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2026 |
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2025 |
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Basic Earnings (Loss) Per Share: |
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Net income (loss) |
$ |
62,245 |
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$ |
(259,041) |
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$ |
94,529 |
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$ |
(338,096) |
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Dividends on preferred stock |
(12,866) |
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(13,239) |
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(25,673) |
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(26,425) |
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Dividends and undistributed earnings allocated to participating equity-based awards |
(550) |
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(344) |
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(831) |
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(748) |
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Net income (loss) attributable to common stockholders, basic |
$ |
48,829 |
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$ |
(272,624) |
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$ |
68,025 |
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$ |
(365,269) |
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Basic weighted average common shares |
104,937,007 |
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104,084,326 |
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104,906,993 |
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104,030,680 |
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Basic earnings (loss) per weighted average common share |
$ |
0.47 |
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$ |
(2.62) |
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$ |
0.65 |
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$ |
(3.51) |
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Diluted Earnings (Loss) Per Share: |
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Net income (loss) attributable to common stockholders, basic |
$ |
48,829 |
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$ |
(272,624) |
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$ |
68,025 |
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$ |
(365,269) |
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Reallocation impact of undistributed earnings to participating equity-based awards |
1 |
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— |
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— |
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— |
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Interest expense attributable to dilutive convertible notes |
— |
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— |
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— |
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— |
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Net income (loss) attributable to common stockholders, diluted |
$ |
48,830 |
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$ |
(272,624) |
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$ |
68,025 |
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$ |
(365,269) |
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Basic weighted average common shares |
104,937,007 |
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104,084,326 |
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104,906,993 |
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104,030,680 |
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Effect of dilutive shares issued in an assumed vesting of contingently issuable equity-based awards |
490,310 |
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— |
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468,560 |
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— |
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Effect of dilutive shares issued in an assumed conversion of convertible notes |
— |
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— |
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— |
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— |
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Diluted weighted average common shares |
105,427,317 |
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104,084,326 |
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105,375,553 |
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104,030,680 |
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Diluted earnings (loss) per weighted average common share |
$ |
0.46 |
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$ |
(2.62) |
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$ |
0.65 |
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$ |
(3.51) |
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