v3.25.3

EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2025
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 14: EARNINGS PER SHARE Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if contracts to issue common stock were exercised or converted into common stock that would then share in earnings. As part of the aforementioned July 2024 Capital Raise, the Company issued warrants (See Note 13: Shareholders’ Equity) which are considered for potential dilution. In addition to the warrants, other contingent shares issuable include restricted stock units issued by the Company under its equity incentive plans. ​ The average common share price was above the $5.125 per share exercise price (on an as-converted basis) of the warrants for the three-month and nine-month periods ended September 30, 2025 and September 30, 2024. As the average common share price was above the $5.125 per share exercise price (on an as-converted basis) of the warrants, the warrants would have been included in the dilutive share count and diluted earnings per share if the Company had positive earnings for the periods. In addition, the Company has excluded restricted stock units in the computation of diluted EPS for the periods due to the net loss reported for such periods. ​ There were no stock options outstanding as of September 30, 2025 and September 30, 2024, respectively. ​ The following table sets forth the Company’s earnings per share calculations for the three-month and nine-month periods ended September 30: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​
(dollars in thousands, except per share amounts) | ​ | Basic | ​ | Diluted | ​ | Basic | ​ | Diluted | ​
Net loss |  | $ | (146,323) |  | $ | (146,323) |  | $ | (82,174) |  | $ | (82,174) | ​
Weighted average basic common shares outstanding | ​ |  | 82,424,884 | ​ |  | 82,424,884 | ​ |  | 66,992,701 | ​ |  | 66,992,701 | ​
Dilutive effect of options, restricted stock, warrants, and contingent shares issuable | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​
Diluted common shares outstanding | ​ |  |  | ​ |  | 82,424,884 | ​ |  |  | ​ |  | 66,992,701 | ​
Net loss per share | ​ | $ | (1.78) | ​ | $ | (1.78) | ​ | $ | (1.23) | ​ | $ | (1.23) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2025 | ​ | September 30, 2024
(dollars in thousands, except share and per share amounts) | ​ | Basic | ​ | Diluted | ​ | Basic | ​ | Diluted
Net loss |  | $ | (147,117) |  | $ | (147,117) |  | $ | (78,296) |  | $ | (78,296)
Weighted average basic common shares outstanding | ​ |  | 82,395,045 | ​ |  | 82,395,045 | ​ |  | 60,025,852 | ​ |  | 60,025,852
Dilutive effect of options, restricted stock, warrants, and contingent shares issuable | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | —
Diluted common shares outstanding | ​ |  |  | ​ |  | 82,395,045 | ​ |  |  | ​ |  | 60,025,852
Net loss per share | ​ | $ | (1.79) | ​ | $ | (1.79) | ​ | $ | (1.30) | ​ | $ | (1.30)
​

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