Net (Loss) Income Per Share

3 Months Ended

Mar. 31, 2025

The number of shares of common stock used to calculate basic net (loss) income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares of common stock used to calculate diluted net (loss) income per common share is based on the number of common shares used to calculate basic net (loss) income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method.

When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of common stock are higher than the Company’s average price per share of common stock during an applicable period. For the three months ended March 31, 2025 and 2024, 26,677 and 0 securities, respectively, were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive.

Anti-dilution also occurs in periods of a net loss, and the dilutive impact of all share-based compensation awards are excluded. For the three months ended March 31, 2025, the weighted average share impact of securities excluded from the shares due to the Company incurring a net loss for the period was 44,687.

The following table presents the net (loss) income per common share for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Basic
Net (loss) income	$	(33,947)	$	126,995
Weighted average common shares outstanding - basic	13,047,607		13,002,127
Net (loss) income per common share - basic	$	(2.60)	$	9.77

Diluted
Weighted average common shares outstanding - basic	13,047,607		13,002,127


Dilutive effect of stock-based instruments	—		234,469
Weighted average common shares outstanding - diluted	13,047,607		13,236,596
Net (loss) income per common share - diluted	$	(2.60)	$	9.59