Note 13—Earnings Per Share The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Net income (loss) | | $ | 41,460 | | $ | (39,721) | | $ | 27,002 | | $ | (47,767) | Net (income) loss from operations attributable to noncontrolling interests | | | (12) | | | 413 | | | 4,189 | | | 855 | Net income (loss) allocable to common shareholders | | $ | 41,448 | | $ | (39,308) | | $ | 31,191 | | $ | (46,912) |
| | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Earnings allocable to common shares: | | | | | | | | | | | | | Numerator for basic and diluted earnings per share: | | | | | | | | | | | | | Net income (loss) allocable to common shareholders | | $ | 41,448 | | $ | (39,308) | | $ | 31,191 | | $ | (46,912) | | | | | | | | | | | | | | Denominator for basic and diluted earnings per share: | | | | | | | | | | | | | Weighted average common shares outstanding for basic and diluted earnings per common share | | | 12,081 | | | 13,311 | | | 12,106 | | | 13,315 | | | | | | | | | | | | | | Basic and diluted earnings per common share: | | | | | | | | | | | | | Net income (loss) allocable to common shareholders | | $ | 3.43 | | $ | (2.95) | | $ | 2.58 | | $ | (3.52) |
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