EPS

12 Months Ended

Dec. 31, 2024


16.	EPS

The dilutive effect of outstanding stock options and warrants is calculated using the treasury stock method. Stock options and warrants are anti-dilutive and excluded from the diluted net income per share attributable to common stock calculation if the exercise price exceeds the average market price of the common shares.

The following table sets forth the computation of EPS attributable to common stockholders, basic and diluted (in thousands, except share and per share data):


	Year Ended December 31,
	2024		2023
Numerator:
Net income (loss)	$	17,898	$	(85,480	)
Less: Allocation of undistributed earnings to noncontrolling interest		5,813		7,453
Net income (loss) attributable to common stockholders - basic	$	12,085	$	(92,933	)
Less: Change in fair value of warrant liability		7,167		—
Net income (loss) attributable to common stockholders - diluted	$	4,918	$	(92,933	)


Denominator:
Basic common shares outstanding:
Weighted average common shares outstanding		85,094,948		65,831,675
Weighted average shares used in calculating net income (loss) per share attributable to common stockholders, basic		85,094,948		65,831,675

Dilutive potential common shares:
Weighted average of common stock options	$	16,407,847	$	—
Weighted average of Convertible Preferred Stock (as converted)		528,442		—
Weighted average of Preferred Stock Warrants (as converted)		262,289		—
Weighted average shares used in calculating net income (loss) per share attributable to common stockholders, diluted		102,293,526		65,831,675

Net income (loss) per share attributable to common stockholders:
Basic	$	0.14	$	(1.41	)
Diluted	$	0.05	$	(1.41	)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	December 31,
	2024		2023
Options to purchase common stock		896,960		18,280,548
Convertible Preferred stock (as converted)		—		8,767,332
Preferred Stock Warrants (as converted)		—		540,666
Total		896,960		27,588,546