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Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share (“EPS”) is calculated by dividing net earnings by the weighted average number of common shares outstanding during the period. Potentially dilutive securities include warrants, Series A Preferred Stock, shares of restricted stock, restricted stock units, and former employee stock options. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities. The Series A Preferred Stock is considered participating securities for the purposes of the Company's EPS calculation. The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except for per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic net income (loss) per common share calculation: |  |  |  |  |  |  |
Net income (loss) attributable to Sonida shareholders | $ | (1,563) |  |  | $ | (9,816) |  |  | $ | (14,092) |  |  | $ | 17,203 |
Less: Dividends on Series A Preferred Stock | (1,409) |  |  | — |  |  | (2,818) |  |  | — |
Less: Undeclared dividends on Series A Preferred Stock | — |  |  | (1,372) |  |  | — |  |  | (2,707) |
Less: Undistributed earnings allocated to participating securities | — |  |  | — |  |  | — |  |  | (1,425) |
Net income (loss) attributable to common shareholders | $ | (2,972) |  |  | $ | (11,188) |  |  | $ | (16,910) |  |  | $ | 13,071 |
Weighted average shares outstanding — basic | 18,093 |  |  | 13,014 |  |  | 18,070 |  |  | 11,438 |
Basic net income (loss) per share | $ | (0.16) |  |  | $ | (0.86) |  |  | $ | (0.94) |  |  | $ | 1.14 |
Diluted net income (loss) per common share calculation: |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | (2,972) |  |  | $ | (11,188) |  |  | $ | (16,910) |  |  | $ | 13,071 |
Weighted average shares outstanding — diluted | 18,093 |  |  | 13,014 |  |  | 18,070 |  |  | 12,143 |
Diluted net income (loss) per share | $ | (0.16) |  |  | $ | (0.86) |  |  | $ | (0.94) |  |  | $ | 1.08 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(shares in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average shares outstanding - diluted reconciliation: |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 18,093 |  |  | 13,014 |  |  | 18,070 |  |  | 11,438 |
Dilutive effect of share-based instruments | — |  |  | — |  |  | — |  |  | 705 |
Weighted average shares outstanding — diluted | 18,093 |  |  | 13,014 |  |  | 18,070 |  |  | 12,143 |
The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(shares in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Warrants |  | 1,031 |  | 1,031 |  | 1,031 |  | 1,031
Series A Preferred Stock (if converted) |  | 1,281 |  | 1,264 |  | 1,281 |  | 1,247
Restricted stock awards |  | 784 |  | 972 |  | 834 |  | 141
Restricted stock units |  | 113 |  | 2 |  | 60 |  | 1
Stock options |  | 10 |  | 10 |  | 10 |  | 10
Total |  | 3,219 |  | 3,279 |  | 3,216 |  | 2,430

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