Earnings Per Share

6 Months Ended

Jun. 30, 2024

Note 9 – Earnings Per Share

Basic earnings per share ("EPS") amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options, performance-based restricted stock awards (“PSAs”), Series B Preferred Stock and Series C Preferred Stock, and warrants. The Company calculates diluted EPS for its warrants and stock options using the treasury method and for its preferred stock using the if-converted method.

The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock for the periods stated. For the periods presented, all outstanding stock options, PSAs, preferred stock, and warrants were considered anti-dilutive and excluded from the computation of diluted EPS, due to the net loss in the respective periods.


	For the three months ended						For the six months ended
(Dollars in thousands, except per share data)	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net loss	$	(11,435	)	$	(8,613	)	$	(14,328	)	$	(4,643	)
Less preferred stock dividends		150			—			150			—
Net loss available to common shareholders	$	(11,585	)	$	(8,613	)	$	(14,478	)	$	(4,643	)

Weighted average common shares outstanding, basic		24,477,007			18,850,625			21,827,669			18,853,553
Effect of dilutive securities		—			—			—			—
Weighted average common shares outstanding, dilutive		24,477,007			18,850,625			21,827,669			18,853,553

Basic and diluted loss per share	$	(0.47	)	$	(0.45	)	$	(0.66	)	$	(0.25	)