Basic net income (loss) per share excludes dilution and is reported separately for continuing operations and discontinued operations. Basic net income (loss) per share of common stock for continuing operations and discontinued operations is calculated by dividing net income (loss) from continuing operations and discontinued operations attributable to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted net income (loss) per share of common stock is computed by giving effect to all potential weighted average dilutive common stock. In periods of net loss, no potentially dilutive common shares are included in the diluted shares outstanding as the effect is anti-dilutive.

The number of additional shares of common stock related to restricted stock units (“RSUs”) and stock option awards is calculated using the treasury stock method, if dilutive.

For the three and nine months ended September 30, 2025 and 2024, the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic EPS. For the three and nine months ended September 30, 2025, the Company's average applicable market value was greater than $15.28, resulting in no dilutive impact to EPS for TEUs. For the three and nine months ended September 30, 2024, the Company's average applicable market value was equal to or less than $15.28 but greater than or equal to $13.00. Thus, the TEUs were assumed to be settled at a conversion factor based on the 20-day VWAP per share of the Company's common stock not to exceed 3.8461 shares per Purchase Contract, if dilutive. See Note 7 for further discussion of TEUs.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common shareholders (in thousands, except per share amounts):


	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Numerator:
Net income (loss) from continuing operations	$	37,488		$	(25,672	)	$	55,245		$	(73,213	)
Less: Net loss attributable to noncontrolling interests		(595	)		(751	)		(1,793	)		(1,864	)
Net income (loss) from continuing operations attributable to common shareholders		38,083			(24,921	)		57,038			(71,349	)
Net income from discontinued operations		17,753			16,691			56,548			37,288
Net income (loss) attributable to common shareholders	$	55,836		$	(8,230	)	$	113,586		$	(34,061	)

Denominator:
Weighted-average shares outstanding - basic		203,487			198,491			202,067			190,541

Effect of dilutive securities:
Stock options		7,835			—			8,387			—
RSUs		6,660			—			8,065			—
TEUs		—			—			—			—
Other		—			—			—			—
Weighted-average shares outstanding - diluted		217,982			198,491			218,519			190,541

Basic income (loss) per share attributable to common shareholders:
Continuing operations	$	0.19		$	(0.13	)	$	0.28		$	(0.37	)
Discontinued operations	$	0.08		$	0.09		$	0.28		$	0.19
Net income (loss)	$	0.27		$	(0.04	)	$	0.56		$	(0.18	)

Diluted income (loss) per share attributable to common shareholders:
Continuing operations	$	0.17		$	(0.13	)	$	0.26		$	(0.37	)
Discontinued operations	$	0.09		$	0.09		$	0.26		$	0.19
Net income (loss)	$	0.26		$	(0.04	)	$	0.52		$	(0.18	)

The following potentially common share equivalents were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Stock options		245		15,096		1,303		15,096
RSUs		—		11,078		—		11,078
TEUs		—		1,881		—		1,881
Other		—		9		—		9
Total		245		28,064		1,303		28,064