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Earnings per Share
 12 Months Ended
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