XML 32 R21.htm IDEA: XBRL DOCUMENT

COMMON STOCK AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 13. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes (hereinafter defined) on an if-converted basis.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


		Three Months Ended
		March 31, 2025			March 31, 2024
Basic and Diluted Earnings:
Net Income Attributable to Common Stockholders, Used in Basic EPS		$	383		$	4,655
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾			—			534
Net Income Attributable to Common Stockholders, Used in Diluted EPS		$	383		$	5,189

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic			31,552,973			22,551,241
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method			42,458			554
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾			—			3,505,857
Weighted Average Shares Outstanding, Diluted			31,595,431			26,057,652

Per Share Information:
Net Income Attributable to Common Stockholders
Basic		$	0.01		$	0.21
Diluted		$	0.01		$	0.20

⁽¹⁾

As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the three months ended March 31, 2024, a total of $0.5 million was included as the impact to earnings per share, if-converted, would have been dilutive to net income attributable to common stockholders for the period. For the three months ended March 31, 2025, a total of $0.5 million of interest was not included, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income attributable to common stockholders for the period.

⁽²⁾

A total of 3.5 million shares representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were included in the computation of diluted net income per share attributable to common stockholders for the three months ended March 31, 2024, because they were dilutive to net income attributable to common stockholders for the period. A total of 3.8 million shares representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income per share attributable to common stockholders for the three months ended March 31, 2025 because they were antidilutive to net income attributable to common stockholders for the period.

There were 42,458 and 554 potentially dilutive shares related to the Company’s restricted stock for the three months ended March 31, 2025 and 2024, respectively.