| Earnings Per Share |
Earnings Per Share 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 months ended March 31, 2026 and 2025:
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Three Months Ended |
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March 31, |
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(in thousands, except share data) |
2026 |
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2025 |
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Basic Earnings (Loss) Per Share: |
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Net income (loss) |
$ |
32,284 |
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$ |
(79,055) |
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Dividends on preferred stock |
(12,807) |
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(13,186) |
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Dividends and undistributed earnings allocated to participating equity-based awards |
(434) |
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(404) |
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Net income (loss) attributable to common stockholders, basic |
$ |
19,043 |
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$ |
(92,645) |
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Basic weighted average common shares |
104,876,645 |
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103,976,437 |
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Basic earnings (loss) per weighted average common share |
$ |
0.18 |
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$ |
(0.89) |
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Diluted Earnings (Loss) Per Share: |
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Net income (loss) attributable to common stockholders, basic |
$ |
19,043 |
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$ |
(92,645) |
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Reallocation impact of undistributed earnings to participating equity-based awards |
— |
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— |
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Interest expense attributable to dilutive convertible notes |
— |
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— |
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Net income (loss) attributable to common stockholders, diluted |
$ |
19,043 |
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$ |
(92,645) |
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Basic weighted average common shares |
104,876,645 |
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103,976,437 |
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Effect of dilutive shares issued in an assumed vesting of contingently issuable equity-based awards |
446,528 |
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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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Diluted weighted average common shares |
105,323,173 |
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103,976,437 |
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Diluted earnings (loss) per weighted average common share |
$ |
0.18 |
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$ |
(0.89) |
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For the three months ended March 31, 2026 and 2025, excluded from the calculation of diluted earnings per share was the effect of adding undistributed earnings reallocated to participating RSAs and RSUs and the assumed conversion of the Company’s convertible senior notes, as inclusion for each would have been antidilutive for both periods. For the three months ended March 31, 2025, also excluded from the calculation of diluted earnings per share was the effect of the assumed vesting of outstanding PSUs, as inclusion would have been antidilutive.
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