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Earnings per Share | 6 Months Ended
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Jun. 30, 2026
Earnings per Share [Abstract] |
Earnings per Share | 12. Earnings per Share All common shares issued (including restricted shares issued under the Company’s incentive plan) are the Company’s common stock and have equal rights to vote and participate in dividends. Basic EPS is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Shares issued during the period and shares repurchased during the period are weighted for the portion of the period that they were outstanding. Restricted shares issued under the Company’s equity incentive plan are included in the calculation of EPS when vested. Unvested restricted shares are not considered participating securities. Shares issued upon the exercise of warrants are included in the computation of basic EPS as of the date of exercise. Incremental shares represent the number of shares assumed issued under the treasury stock method, weighted for the periods the non-vested shares were outstanding. The dilutive effect of unexercised in- the-money warrants is computed using the treasury stock method, which assumes that the proceeds from the exercise of such warrants are used to purchase common shares at the average market price for the period. During the six months ended June 30, 2026 and 2025, there were 364,915 and nil incremental shares, respectively, included in the denominator of the diluted earnings per share calculation. Securities that could potentially dilute basic earnings per share in future periods but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive consisted of (i) incremental shares from unexercised warrants that were out of the money during the reporting period (Note 10(g)), (ii) incremental shares from unexercised warrants that, if included in the diluted earnings per share calculation, would have had an anti-dilutive effect (Note 10(g)), and (iii) anti-dilutive non-vested restricted share awards (Note 10(h)). Net income attributable to common stockholders is adjusted for dividends on Series B Preferred Stock in the calculation of basic and diluted earnings per share, and for gains on warrants recognized in net income, when dilutive, in the calculation of diluted earnings per share. For the six months ended June 30, Basic Earnings per Share 2026 2025 Net income $ 49,908 $ 7,539 Dividends on series B preferred shares (2,884) (2,884) Net income attributable to common stockholders $ 47,024 $ 4,655 Weighted average number of common shares, basic 113,219,648 110,095,604 Earnings per common share, basic $ 0.42 $ 0.04 Diluted Earnings per Share 2026 2025 Net income $ 49,908 $ 7,539 Dividends on series B preferred shares (2,884) (2,884) Adjusted net income attributable to common stockholders $ 47,024 $ 4,655 Weighted average number of common shares, basic 113,219,648 110,095,604 Restricted shares 364,915 - Total incremental shares from dilutive instruments 364,915 - Weighted average number of common shares, diluted 113,584,563 110,095,604 Earnings per common share, diluted $ 0.41 $ 0.04

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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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