The Company calculates basic earnings (loss) per common share by dividing net income (loss) attributable to the Company’s common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted earnings (loss) per common share takes into account the effect of dilutive instruments, such as PSUs, RSUs and DSUs, and the number of incremental shares that are to be added to the weighted-average number of shares outstanding.

During the year ended December 31, 2025, certain of the PSUs, RSUs and DSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs and outstanding RSUs and DSUs vest according to the respective PSU, RSU and DSU agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period.

During the years ended December 31, 2024 and 2023, the PSUs and RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the year ended December 31, 2024 the DSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share.


	For the Years Ended December 31,
	2025		2024		2023
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	149,048	$	(62,029)	$	(48,665)
Less: Preferred Stock dividends	(47,942)		(41,756)		(41,837)
Plus: Gain on repurchase of Preferred Stock	—		—		467

Net income (loss) attributable to Company’s common stockholders	$	101,106	$	(103,785)	$	(90,035)
Basic weighted average common shares outstanding	90,427		90,815		91,042
Basic Earnings (Loss) per Common Share	$	1.12	$	(1.14)	$	(0.99)

Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Company	$	149,048	$	(62,029)	$	(48,665)
Less: Preferred Stock dividends	(47,942)		(41,756)		(41,837)
Plus: Gain on repurchase of Preferred Stock	—		—		467


Net income (loss) attributable to Company’s common stockholders	$	101,106	$	(103,785)	$	(90,035)
Weighted average common shares outstanding	90,427		90,815		91,042

Net effect of assumed PSUs vested	768		—		—
Net effect of assumed RSUs and DSUs vested	315		—		—
Diluted weighted average common shares outstanding	91,510		90,815		91,042
Diluted Earnings (Loss) per Common Share	$	1.10	$	(1.14)	$	(0.99)