Quarterly report [Sections 13 or 15(d)]

EARNINGS (LOSS) PER SHARE

v3.26.3
EARNINGS (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of preferred stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The “if-converted” method is used to determine the dilutive impact for the Company's convertible preferred stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock.
There were 0.1 million and 0.1 million shares of restricted stock that were considered dilutive for the three and nine months ended September 30, 2026, respectively. There were 0.2 million and 0.2 million shares of restricted stock that were considered dilutive for the three and nine months ended September 30, 2025, respectively. The Company redeemed all outstanding preferred stock on September 5, 2025.
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, 2026 Three Months Ended September 30, 2025
Net income $ 96,400  $ 111,393 
Dividends on preferred stock —  — 
Deemed dividend on preferred stock(1)
—  (29,986)
Net income attributable to common stockholders $ 96,400  $ 81,407 
Re-allocation of participating securities —  — 
Diluted net income attributable to common stockholders $ 96,400  $ 81,407 
Basic Shares 17,630  18,114 
Dilutive Shares 17,685  18,290 
Basic EPS $ 5.47  $ 4.49 
Dilutive EPS $ 5.45  $ 4.45 
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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.
Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025
Net income $ 349,324  $ 295,395 
Dividends on preferred stock —  (1,666)
Deemed dividend on preferred stock(1)
—  (29,986)
Net income attributable to common stockholders $ 349,324  $ 263,743 
Re-allocation of participating securities —  — 
Diluted net income attributable to common stockholders $ 349,324  $ 263,743 
Basic Shares 18,023  17,901 
Dilutive Shares 18,105  18,102 
Basic EPS $ 19.38  $ 14.73 
Dilutive EPS $ 19.29  $ 14.57 
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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.
The following table presents the weighted average shares of share-based awards that were outstanding but were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive (in thousands):
Three Months Ended September 30, 2026 Three Months Ended September 30, 2025
Restricted stock units 74  — 
Performance stock units 22  — 
Total anti-dilutive shares excluded 96  — 
Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025
Restricted stock units 52  — 
Performance stock units 16  — 
Total anti-dilutive shares excluded 68  —