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Note 11 - Earnings Per Share

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024:

		*Three months ended September 30,*								*Nine months ended September 30,*
		*2025*				*2024*				*2025*				*2024*
		(In thousands, except share and per share data)
Earnings per common share - basic
Numerator for basic earnings per share		$	30,722			$	7,278			$	(11,491	)		$	6,799
Denominator for basic weighted average shares			43,101,307				36,571,000				41,525,869				35,200,189
Loss per common share - basic		$	0.71			$	0.20			$	(0.28	)		$	0.19
Earnings per common share - diluted
Numerator for decrease in net assets per share		$	30,722			$	7,278			$	(11,491	)		$	6,799
Adjustment for interest expense and debt issuance costs on 2031 Convertible Notes and 2030 Convertible Notes (1)		$	314			$	—			$	—			$	—
Numerator for diluted earnings per share		$	31,036			$	7,278			$	(11,491	)		$	6,799
Denominator for basic weighted average shares			43,101,307				36,571,000				41,525,869				35,200,189
Adjustment for dilutive effect of 2031 Convertible Notes and 2030 Convertible Notes (1)			2,736,835				—				—				—
Denominator for diluted weighted average shares			45,838,142				36,571,000				41,525,869				35,200,189
Loss per common share - diluted		$	0.68			$	0.20			$	(0.28	)		$	0.19

(1)	No adjustments for interest or incremental shares were included for the nine months ended September 30, 2025 because the effect would be antidilutive. The 2031 Convertible Notes and the 2030 Convertible Notes were not outstanding as of September 30, 2024.

In certain circumstances, the 2031 Convertible Notes and the 2030 Convertible Notes may be convertible into cash or shares of the Company’s common stock, which can be dilutive to common stockholders. Diluted earnings (loss) available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using the if-converted method that assumes conversion of convertible securities at the beginning of the reporting period or at the issuance date and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur. The 2031 Convertible Notes and the 2030 Convertible Notes convert at the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) the Company’s most recently reported NAV per share immediately prior to the date of issuance. For the three and nine months ended September 30, 2025, using the if-converted method, the 2031 Convertible Notes would convert at the volume-weighted average closing sale price for the five trading days immediately prior to the beginning of the period, or $7.21 per share and $8.94 per share, respectively. For the three and nine months ended September 30, 2025, using the if-converted method, the 2030 Convertible Notes would convert at the volume-weighted average closing sale price for the five trading days immediately prior to the issuance of the 2030 Convertible Notes, or $6.92 per share. For the nine months ended September 30, 2025, the impact of the hypothetical conversion of the 2031 Convertible Notes and the 2030 Convertible Notes would have been antidilutive because interest net of tax and nondiscretionary adjustments per common share obtainable on conversion exceeded basic EPS.