Earnings Per Share

9 Months Ended

Sep. 30, 2025

Note 9 – Earnings Per Share

The following table shows the calculation of basic and diluted earnings per share ("EPS"), the weighted average number of shares outstanding used in computing EPS, the effect on the weighted average number of shares outstanding

of dilutive potential common stock for the periods stated, and the weighted average number of securities excluded from the computation of diluted EPS because their effects would have been anti-dilutive.


	For the three months ended September 30,				For the nine months ended September 30,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Net income (loss)	$	5,603	$	946	$	6,465	$	(13,382	)

Weighted average common shares outstanding, basic		88,547,750		73,366,140		87,612,199		39,132,557
Effect of dilutive securities (1)		10,836,329		13,720,237		8,977,523		—
Weighted average common shares outstanding, dilutive		99,384,079		87,086,377		96,589,722		39,132,557

Basic and diluted income (loss) per common share	$	0.06	$	0.01	$	0.07	$	(0.34	)

(1) Components of dilutive securities
PSAs		952,496		1,805		371,911		—
Preferred stock		—		10,928,000		—		—
Warrants		9,883,833		2,790,432		8,605,612		—
Total weighted average dilutive securities		10,836,329		13,720,237		8,977,523		—

Weighted average anti-dilutive securities excluded from diluted EPS
PSAs		—		92,727		1,613		95,605
Stock options		19,933		29,741		21,544		29,979
Preferred stock		—		—		—		10,928,000
Warrants		—		—		—		1,884,183
Total weighted average anti-dilutive securities		19,933		122,468		23,157		12,937,767