Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2025

Note 12 – Earnings (Loss) per Share

The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. At December 31, 2024, potentially dilutive securities consisted of shares of non-vested restricted stock. There were no shares of unvested restricted stock at December 31, 2025.

All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS.


(in thousands except per share amounts)	Year Ended December 31,
	2025			2024
Numerator - Basic and Diluted
Net loss	$	(68,215	)	$	(153,536	)
Preferred dividends		(4,900	)		(4,900	)
Net loss attributable to common shareholders - Basic and Diluted	$	(73,115	)	$	(158,436	)

Denominator - Basic and Diluted
Weighted-average Class A common shares outstanding		56,314			56,255
Weighted-average Class A common shares outstanding - Basic		56,314			56,255
Weighted-average Class A common shares outstanding - Diluted		56,314			56,255

Loss per share attributable to Class A common shareholders - Basic	$	(1.30	)	$	(2.82	)
Loss per share attributable to Class A common shareholders - Diluted	$	(1.30	)	$	(2.82	)

No adjustments were made to the numerator for the years ended December 31, 2025 or 2024 because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses.

No adjustments were made to the denominator for the year ended December 31, 2025 as there were no outstanding non-vested restricted share. No adjustments were made to the denominator for the year ended December 31, 2024 because the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect.

There were no non-vested restricted shares outstanding at December 31, 2025. At December 31, 2024, there were 87,899 shares of non-vested restricted shares outstanding.