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Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Summary of Computation of Basic and Diluted EPS | The following table shows the calculation of basic and diluted EPS and the weighted average nu mber 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 2023 periods presented and for the nine months ended September 30, 2024, 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 September 30, 2024, stock options of 29,741 shares and PSAs of 171,752 shares of the Company's common stock were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive.
|  | For the three months ended |  |  | For the nine months ended |
(Dollars in thousands, except per share data) |  | September 30, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Net income (loss) |  | $ | 946 |  |  | $ | (41,371 | ) |  | $ | (13,382 | ) |  | $ | (46,014 | )
Weighted average common shares outstanding, basic |  |  | 73,366,140 |  |  |  | 19,014,883 |  |  |  | 39,132,557 |  |  |  | 18,907,921 |
Effect of dilutive securities (1) |  |  | 13,720,237 |  |  |  | — |  |  |  | — |  |  |  | — |
Weighted average common shares outstanding, dilutive |  |  | 87,086,377 |  |  |  | 19,014,883 |  |  |  | 39,132,557 |  |  |  | 18,907,921 |
Basic and diluted earnings (loss) per share |  | $ | 0.01 |  |  | $ | (2.18 | ) |  | $ | (0.34 | ) |  | $ | (2.43 | )
(1) Components of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
PSAs |  |  | 1,805 |  |  |  | — |  |  |  | — |  |  |  | — |
Preferred stock |  |  | 10,928,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Warrants |  |  | 2,790,432 |  |  |  | — |  |  |  | — |  |  |  | — |
Total dilutive weighted average securities |  |  | 13,720,237 |  |  |  | — |  |  |  | — |  |  |  | — |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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