Annual report [Section 13 and 15(d), not S-K Item 405]

EARNINGS (LOSS) PER SHARE (Tables)

v3.25.4
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share
Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the table below (in thousands):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Net income (loss) $ 427,810  $ (261,386) $ 1,470,916 
Dividends on preferred stock (1,666) (4,230) (4,840)
Deemed dividend on preferred stock(1)
(29,986) —  — 
Participating securities - preferred stock(2)
—  —  (212,360)
Net income (loss) attributable to common stockholders $ 396,158  $ (265,616) $ 1,253,716 
Re-allocation of participating securities —  —  2,475 
Diluted net income (loss) attributable to common stockholders $ 396,158  $ (265,616) $ 1,256,191 
Basic Shares 18,223  18,050  18,645 
Dilutive Shares 18,440  18,050  18,902 
Basic EPS $ 21.74  $ (14.72) $ 67.24 
Dilutive EPS $ 21.48  $ (14.72) $ 66.46 
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(1)    Reflects the difference between the carrying value of the preferred stock and the cash settlement upon redemption, 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.