Net Income per Share ("EPS") Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2025

Net Income per Share ("EPS") Attributable to Common Stockholders


11.	Net Income per Share (“EPS”) Attributable to Common Stockholders

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 EPS 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):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Numerator:
Net income	$	5,936		$	2,856		$	11,246	$	17,329
Less: Allocation of undistributed earnings to noncontrolling interest		2,326			1,732			4,496		5,145
Net income attributable to common stockholders - basic	$	3,610		$	1,124		$	6,750	$	12,184
Less: Change in fair value of warrant liability		(23	)		(228	)		2,444		6,973
Net income attributable to common stockholders - diluted	$	3,633		$	1,352		$	4,306	$	5,211

Denominator:
Basic common shares outstanding:
Weighted average common shares outstanding		90,850,040			85,643,646			88,707,709		84,807,041
Weighted average shares used in calculating net income per share attributable to common stockholders, basic		90,850,040			85,643,646			88,707,709		84,807,041

Dilutive potential common shares:
Weighted average of common stock options		13,105,808			16,765,219			14,005,173		16,722,627
Weighted average of Convertible Preferred Stock (as converted)		—			—			—		703,946
Weighted average of Preferred Stock Warrants (as converted)		15,698			231,508			100,640		271,971
Weighted average shares used in calculating net income per share attributable to common stockholders, diluted		103,971,546			102,640,373			102,813,522		102,505,585

Net income per share attributable to common stockholders:
Basic	$	0.04		$	0.01		$	0.08	$	0.14
Diluted	$	0.03		$	0.01		$	0.04	$	0.05

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Options to purchase common stock		257,464		922,960		439,464		870,386
Total		257,464		922,960		439,464		870,386