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Earnings per Share
6 Months Ended
Jun. 30, 2024
Earnings per Share [Abstract]  
Earnings per Share
13.
 
Earnings/(loss) per Share
All common
 
shares issued
 
(including the
 
restricted shares
 
issued under
 
the Company’s
 
incentive plans)
are
 
the
 
Company’s
 
common
 
stock
 
and
 
have
 
equal
 
rights
 
to
 
vote
 
and
 
participate
 
in
 
dividends.
 
The
calculation of basic earnings per share does not treat the non-vested shares (not considered participating
securities)
 
as
 
outstanding
 
until
 
the
 
time/service-based
 
vesting
 
restriction
 
has
 
lapsed.
The
 
dilutive effect
on
 
unexercised
 
warrants
 
that
 
are
 
in-the-money,
 
is
 
computed
 
using
 
the
 
treasury
 
stock
 
method
 
which
assumes that the proceeds upon exercise of these warrants are
 
used to purchase common shares at the
average market price for the period. Incremental shares are the number of shares assumed issued under
the treasury
 
stock method
 
weighted for
 
the periods
 
the non-vested
 
shares were
 
outstanding. During
 
the
six months
 
ended June
 
30, 2023,
 
there were
1,272,798
 
incremental shares included
 
in the
 
denominator
of
 
the
 
diluted
 
earnings
 
per
 
share
 
calculation.
 
For
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024,
 
incremental
shares were
no
t included
 
in the
 
calculation of
 
the diluted
 
earnings per
 
share, as
 
the
 
Company incurred
losses and the effect of such shares would be anti-dilutive.
Net
 
comprehensive
 
income/(loss)
 
attributable
 
to
 
common
 
stockholders
 
is
 
adjusted
 
by
 
the
 
dividends
 
on
Series
 
B
 
Preferred Stock.
 
Net comprehensive
 
income/(loss) attributable
 
to
 
common
 
stockholders is
 
not
further adjusted by
 
the unrealized loss
 
on warrants as
 
of June 30,
 
2024 to calculate
 
the diluted earnings
per share because it would have an anti-dilutive effect.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30,
2024
2023
Net comprehensive income/(loss)
$
(706)
$
33,077
Dividends on series B preferred shares
(2,884)
(2,884)
Net comprehensive income/(loss) attributable to common
stockholders
$
(3,590)
$
30,193
Weighted average number of common shares, basic
112,818,414
98,489,613
Earnings/(loss) per share, basic
$
(0.03)
$
0.31
Weighted average number of common shares, basic
112,818,414
98,489,613
Incremental shares
 
-
1,272,798
Weighted average number of common shares, diluted
 
112,818,414
99,762,411
Earnings/(loss) per share, diluted
$
(0.03)
$
0.30