XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Earnings/(loss) per share | 12 Months Ended
--- | ---
Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings/(loss) per share | 13. Earnings/(loss) per share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings. The Company applies the two-class method of computing earnings per share (EPS) as the unvested share- based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed. For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date. The Company calculates basic and diluted earnings per share as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net (loss)/income |  |  | (35,123,208 | ) |  |  | 34,253,365 |  |  |  | 51,936,829 |
Less: Undistributed earnings allocated to non-vested shares |  |  | — |  |  |  | 216,168 |  |  |  | 813,111 |
Net income/(loss) attributable to common shareholders, basic |  |  | (35,123,208 | ) |  |  | 34,037,197 |  |  |  | 51,123,689 |
Denominator |  |  |  |  |  |  |  |
Weighted average number of shares outstanding, basic |  |  | 37,858,437 |  |  |  | 37,961,560 |  |  |  | 37,166,449 |
Weighted average number of shares outstanding, diluted |  |  | 37,858,437 |  |  |  | 37,961,673 |  |  |  | 37,236,951 |
(Loss)/Earnings per share, basic |  |  | (0.93 | ) |  |  | 0.90 |  |  |  | 1.38 |
(Loss)/Earnings per share, diluted |  |  | (0.93 | ) |  |  | 0.90 |  |  |  | 1.37 |
Non-vested, participating restricted common stock does not have a contractual obligation to share in the losses and was therefore, excluded from the basic loss per share calculations for the year ended December 31, 2021. Non-vested, participating restricted common stock was included in the basic earnings per share calculations for the years ended December 31, 2022 and 2023. The Company excluded the dilutive effect of 343,744 non-vested share awards and the 250,000 unexercised options to acquire common shares in calculating dilutive EPS for its common shares as of December 31, 2021, as they were anti-dilutive. The Company excluded the dilutive effect of 171,872 non-vested share awards and the 250,000 unexercised options to acquire common shares in calculating dilutive EPS for its common shares as of December 31, 2022, as they were anti-dilutive. As of December 31, 2023, diluted earnings per share reflects the potential dilution from the incremental shares of the 549,000 unexercised options to acquire common shares and the 1,117,000 non-vested share awards that had a dilutive effect.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration