| 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 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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