| Schedule of Earnings Income (Loss) Per Share |
Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):
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Three Months Ended June 30, 2025 |
|
Three Months Ended June 30, 2024 |
| Net income (loss) |
$ |
184,466 |
|
|
$ |
(26,212) |
|
| Dividends on preferred stock |
(804) |
|
|
(1,095) |
|
Participating securities - preferred stock(1)
|
(20,622) |
|
|
— |
|
| Net income (loss) attributable to common stockholders |
$ |
163,040 |
|
|
$ |
(27,307) |
|
| Re-allocation of participating securities |
205 |
|
|
— |
|
| Diluted net (loss) income attributable to common stockholders |
$ |
163,245 |
|
|
$ |
(27,307) |
|
| Basic Shares |
17,707 |
|
|
18,144 |
|
| Dilutive Shares |
17,907 |
|
|
18,144 |
|
| Basic EPS |
$ |
9.21 |
|
|
$ |
(1.51) |
|
| Dilutive EPS |
$ |
9.12 |
|
|
$ |
(1.51) |
|
_____________________
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
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Six Months Ended June 30, 2025 |
|
Six Months Ended June 30, 2024 |
| Net income |
$ |
184,002 |
|
|
$ |
25,823 |
|
| Dividends on preferred stock |
(1,666) |
|
|
(2,200) |
|
Participating securities - preferred stock(1)
|
(20,385) |
|
|
(3,469) |
|
| Net income attributable to common stockholders |
$ |
161,951 |
|
|
$ |
20,154 |
|
| Re-allocation of participating securities |
217 |
|
|
64 |
|
| Diluted net income attributable to common stockholders |
$ |
162,168 |
|
|
$ |
20,218 |
|
| Basic Shares |
17,793 |
|
|
18,169 |
|
| Dilutive Shares |
18,009 |
|
|
18,573 |
|
| Basic EPS |
$ |
9.10 |
|
|
$ |
1.11 |
|
| Dilutive EPS |
$ |
9.01 |
|
|
$ |
1.09 |
|
_____________________
(1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu, pro rata basis. However, preferred stock does not participate in undistributed net losses.
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