Loss Per Share

9 Months Ended

Sep. 30, 2025

The following table details the computation of basic and diluted loss per share (in thousands, except share and per share data):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(73,131)	$	(26,604)	$	(427,197)	$	(177,788)

Denominator:
Denominator for basic and diluted earnings per share -- weighted-average shares	14,400,841		14,253,192		14,361,141		14,224,155





Loss per share:
Basic loss per share	$	(5.08)	$	(1.87)	$	(29.75)	$	(12.50)
Diluted loss per share	$	(5.08)	$	(1.87)	$	(29.75)	$	(12.50)

In a period when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods where a loss is reported, there is no difference in basic and diluted loss per share.