Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

For all periods presented in the table below, weighted average shares and earnings (loss) per share reflect the effects of the Reverse Stock Split. The calculation of the basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) for basic earnings per share	$	1,974	$	(21)	$	3,536	$	21,322
Adjustments to net income available to shareholders
Paid-in-Kind interest expense on convertible notes payable and Contract Consideration Convertible Notes Payable	—		712		—		2,284
Valuation gain on Contract Consideration Convertible Notes Payable carried at fair value	—		(3,874)		—		(29,969)
Adjusted net income (loss) for diluted earnings per share	$	1,974	$	(3,183)	$	3,536	$	(6,363)





Denominator:
Basic weighted average shares outstanding	29,449		23,906		29,440		20,207
Dilutive effect of convertible notes payable	—		4,344		—		7,154
Dilutive effect of warrants outstanding	1,041		—		925		—
Dilutive effect of stock options and restricted shares	178		—		147		—
Diluted weighted average shares outstanding	30,668		28,250		30,512		27,361

Basic earnings per share	$	0.07	$	—	$	0.12	$	1.06
Diluted earnings (loss) per share	$	0.06	$	(0.11)	$	0.12	$	(0.23)
Anti-dilutive incremental shares excluded from denominator for diluted earnings computation

Average number of diluted shares for June 2022 stock warrants (1)	—		1,083		—		1,340
Average number of diluted shares for options and restricted stock (1)	—		91		—		120

(1) These items were not included in the dilution calculation for the three and six months ended June 30, 2023 due to their anti-dilutive effect as it would reduce the loss per share.