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Earnings per Share (Tables) | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Computation of Basic and Diluted Net Profit per Share | The following table sets forth the computation of the Company’s basic and diluted net profit per share:
| December 31, 2024 |  | December 31, 2023
Net income | $ | 46,905,740 |  |  | $ | 125,060,284 |
Basic income available to common shareholders | 46,905,740 |  |  | 125,060,284 |
Effect of dilutive securities: |  |  |
Add back: |  |  |
Interest on Convertible Notes, net of tax | 10,173,150 |  |  | 6,184,809 |
Change in fair value of stock options - liability classified, net of tax | (252,252) |  |  | (175,940) |
Diluted income available to common shareholders | $ | 56,826,638 |  |  | $ | 131,069,153 |
Weighted-average number of common shares outstanding - basic | 48,967,507 |  |  | 45,639,431 |
Effect of dilutive securities: |  |  |
Convertible Notes(1) | 13,518,778 |  |  | 9,250,187 |
Stock options - equity classified | 349,035 |  |  | 154,703 |
Stock options - liability classified | 36,006 |  |  | 63,308 |
Stock warrants | 261,199 |  |  | 659,503 |
Restricted stock units | 7,395 |  |  | 1,758 |
Weighted-average number of common shares outstanding - diluted | 63,139,920 |  |  | 55,768,890 |
Net earnings per common share: |  |  |
Basic | $ | 0.96 |  |  | $ | 2.74 |
Diluted | $ | 0.90 |  |  | $ | 2.35 |
____________ (1)On December 11, 2024 the Company redeemed the Convertible Notes. See Note 14 - Convertible Notes payable for further details.
Potentially Dilutive Outstanding Securities | The following table summarizes potentially dilutive outstanding securities for the years ended December 31, 2024 and 2023 that were excluded from the calculation of diluted EPS, because their effect would have been anti-dilutive:
| December 31, 2024 |  | December 31, 2023
Private placement warrants | 2,966,663 |  |  | 17,713 |
Public warrants | 8,625,000 |  |  | 51,498 |
Stock options - equity classified | 4,420,414 |  |  | — |
Stock options - liability classified | 37,750 |  |  | — |
Restricted stock units | 49,018 |  |  | — |
Total anti-dilutive features | 16,098,846 |  |  | 69,211 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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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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