Quarterly report [Sections 13 or 15(d)]

EARNINGS (LOSS) PER SHARE (Tables)

v3.25.3
EARNINGS (LOSS) PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
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):
Three Months Ended September 30, 2025 Three Months Ended September 30, 2024
Net income (loss) $ 111,393  $ (13,967)
Dividends on preferred stock —  (1,093)
Deemed dividend on preferred stock(1)
(29,986) — 
Participating securities - preferred stock(2)
—  — 
Net income (loss) attributable to common stockholders $ 81,407  $ (15,060)
Re-allocation of participating securities —  — 
Diluted net income (loss) attributable to common stockholders $ 81,407  $ (15,060)
Basic Shares 18,114  18,062 
Dilutive Shares 18,290  18,062 
Basic EPS $ 4.49  $ (0.83)
Dilutive EPS $ 4.45  $ (0.83)
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(1)    Reflects the difference between the carrying value of the preferred stock and the cash settlement, including $1.1 million in direct transaction-related costs.
(2)    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.
Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
Net income $ 295,395  $ 11,856 
Dividends on preferred stock (1,666) (3,293)
Deemed dividend on preferred stock(1)
(29,986) — 
Participating securities - preferred stock(2)
—  (1,259)
Net income attributable to common stockholders $ 263,743  $ 7,304 
Re-allocation of participating securities —  20 
Diluted net income attributable to common stockholders $ 263,743  $ 7,324 
Basic Shares 17,901  18,133 
Dilutive Shares 18,102  18,463 
Basic EPS $ 14.73  $ 0.40 
Dilutive EPS $ 14.57  $ 0.40 
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(1)    Reflects the difference between the carrying value of the preferred stock and the cash settlement, including $1.1 million in direct transaction-related costs.
(2)    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.