| Earnings per Share |
10. Earnings per Share
Certain of the Company’s vested RSU awards are considered participating securities because these securities have non-forfeitable rights to dividend equivalents, and thus require the two-class method of computing earnings per share.
The following table sets forth the computation of basic and diluted net income (loss) per share of common stock:
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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|
(in thousands) |
|
Net income |
|
$ |
14,305 |
|
|
$ |
13,459 |
|
|
$ |
18,144 |
|
|
$ |
20,885 |
|
Net income attributable to non-controlling interests |
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|
(3,609 |
) |
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|
— |
|
|
|
(7,974 |
) |
|
|
— |
|
Net income attributable to participating RSUs |
|
|
(10 |
) |
|
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— |
|
|
|
(6 |
) |
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— |
|
Dividends on redeemable preferred stock |
|
|
(1,450 |
) |
|
|
(1,450 |
) |
|
|
(4,301 |
) |
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|
(4,301 |
) |
Net income attributable to common stockholders — Basic |
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$ |
9,236 |
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$ |
12,009 |
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|
$ |
5,863 |
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|
$ |
16,584 |
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Adjustment for assumed settlement of APC RSUs and
APC PSUs (1) |
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|
(3 |
) |
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— |
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(5 |
) |
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— |
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Net income attributable to common stockholders —
Diluted |
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$ |
9,233 |
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|
$ |
12,009 |
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$ |
5,858 |
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$ |
16,584 |
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Weighted average common shares outstanding — Basic |
|
|
112,182 |
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|
|
112,723 |
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|
|
111,902 |
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|
|
114,196 |
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Effect of dilutive securities: |
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RSUs and PSUs |
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3,664 |
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|
2,479 |
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|
|
3,397 |
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|
1,293 |
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Weighted average common shares outstanding — Diluted |
|
|
115,846 |
|
|
|
115,202 |
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|
|
115,299 |
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|
115,489 |
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Net income per share attributable to common
stockholders — Basic |
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$ |
0.08 |
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$ |
0.11 |
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$ |
0.05 |
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$ |
0.15 |
|
Net income per share attributable to common
stockholders — Diluted |
|
$ |
0.08 |
|
|
$ |
0.10 |
|
|
$ |
0.05 |
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$ |
0.14 |
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(1)The adjustment represents the increase in net income attributable to non-controlling interests resulting from the assumed settlement of dilutive APC RSUs and APC PSUs outstanding.
The following potential shares of common stock have been excluded from the computation of diluted net income per share because their effect would have been antidilutive:
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As of September 30, |
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2026 |
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2025 |
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(in thousands) |
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Stock options |
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|
1,306 |
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|
1,306 |
|
Series A redeemable preferred stock |
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|
8,726 |
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|
8,636 |
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Participating RSUs |
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|
118 |
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|
— |
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Public and Private warrants |
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— |
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17,333 |
|
Ares warrants |
|
|
— |
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|
1,100 |
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