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COMMON STOCK AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of computation of earnings per share

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				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	1,036	$	4,349	$	(23,877)	$	8,316
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	1,036	$	4,349	$	(23,877)	$	8,316

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		32,651,101		25,445,411		32,298,304		23,601,389
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		31,674		76,338		15,591		23,980
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—		—		—
Weighted Average Shares Outstanding, Diluted		32,682,775		25,521,749		32,313,895		23,625,369

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	0.03	$	0.17	$	(0.74)	$	0.35

⁽¹⁾

The 2025 Notes were settled during the nine months ended September 30, 2025. 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 Notes to derive FFO (as defined herein) effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the nine months ended September 30, 2025, a total of $0.6 million of interest was not included, as the impact of the 2025 Notes, if-converted, would be antidilutive to net loss attributable to common stockholders for the period. For the three and nine months ended September 30, 2024, a total of $0.5 million and $1.6 million of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would be antidilutive to net income attributable to common stockholders for the respective periods.

⁽²⁾

The 2025 Notes were settled during the nine months ended September 30, 2025. During the nine months ended September 30, 2025, the Company issued 1,089,555 shares of the Company’s common stock in connection with the settlement of the 2025 Notes and such shares were included in the basic and diluted weighted average share count for the period. Due to the implementation of ASU 2020-06, a total of 1.3 million shares, representing the dilutive impact of the 2025 Notes, were not included in the computation of diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2025, because they were antidilutive to the net loss attributable to common stockholders for the period. Due to the implementation of ASU 2020-06, a total of 3.7 million shares and 3.6 million shares, representing the dilutive impact of the 2025 Notes, were not included in the computation of diluted net income per share attributable to common stockholders for the three and nine months ended September 30, 2024, respectively, because they were antidilutive to net income attributable to common stockholders for the respective periods.