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Earnings per Share | 12 Months Ended
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Dec. 31, 2024
Earnings per Share [Abstract] |
Earnings per Share | 14. Earnings 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. In 2024, 2023, and 2022, there were 2,698,994 , 1,710,513 and 3,257,861 incremental shares included in the denominator of the diluted earnings per share calculation. Securities that could potentially dilute basic earnings per share in the future but were not included in the computation of diluted earnings per share—because their inclusion would have been anti-dilutive—consist of any incremental shares from unexercised warrants that were out of the money during the reporting period and any incremental shares resulting from the non- vested restricted share awards. During the years ended December 31, 2024 and 2023, the number of common shares that could potentially be issued in connection with unexercised warrants that were out of the money for a portion of the respective period was 390,132 , and nil , respectively. There were no outstanding securities during the year ended December 31, 2022 that could potentially dilute basic earnings per share. During the years ended December 31, 2024, 2023 and 2022, the number of common shares that could potentially be issued in connection with non-vested restricted share awards was 469,525 , 109,089 and nil , respectively. Net income attributable to common stockholders is adjusted by the dividends on Series B Preferred Stock and the gain on warrants to calculate the diluted earnings per share. 2024 2023 2022 Net income $ 12,746 $ 49,844 $ 119,063 Dividends on series B preferred shares (5,769) (5,769) (5,769) Net income attributable to common stockholders $ 6,977 $ 44,075 $ 113,294 Weighted average number of common shares, basic 115,956,249 100,166,629 80,061,040 Earnings per share, basic $ 0.06 $ 0.44 $ 1.42 Net income $ 12,746 $ 49,844 $ 119,063 Dividends on series B preferred shares (5,769) (5,769) (5,769) Gain on warrants (719) (1,583) - Adjusted net income attributable to common stockholders $ 6,258 $ 42,492 $ 113,294 Weighted average number of common shares, basic 115,956,249 100,166,629 80,061,040 Incremental shares 2,698,994 1,710,513 3,257,861 Weighted average number of common shares, diluted 118,655,243 101,877,142 83,318,901 Earnings per share, diluted $ 0.05 $ 0.42 $ 1.36

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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