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Earnings per Share (Tables)

12 Months Ended

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

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(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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- References

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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

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-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

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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
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