Earnings Per Share

6 Months Ended

Jun. 30, 2023

Note 14 – Earnings Per Share

The net (loss) income available to common stockholders and weighted-average common shares outstanding are as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022

Numerator:
Net (loss) income		(18,889	)		14,539		(23,926	)		(11,308	)
Accretion of financing fees		(57	)		-		(57	)		-
Accrued dividends on Series C Preferred Stock		(1,612	)		-		(1,612	)		-
Net (loss) income available to common stockholders - basic		(20,558	)		14,539		(25,595	)		(11,308	)
Net (loss) income available to common stockholders - diluted		(20,558	)		14,539		(25,595	)		(11,308	)
Denominator:
Weighted average common shares outstanding		16,974,593			15,919,436		16,883,946			15,799,456
Issuance of Warrants		11,139,232			8,580,348		10,668,351			8,194,871
Weighted average common shares outstanding - basic		28,113,825			24,499,784		27,552,297			23,994,327
Weighted average common shares outstanding - diluted		28,113,825			24,499,784		27,552,297			23,994,327

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stock holders do not contractually participate in losses of the Company. The Company computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the period. Warrants issued in connection with the Company's long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The 2023 Warrant was issued out-of-the money and the Company will apply the treasury stock method to this warrant when computing earnings per share. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the period. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of nonvested share awards. For the three months ended June 30, 2023 and 2022, 5,893,935 and 1,759,997 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the six months ended June 30, 2023 and 2022, 5,865,863 and 1,727,421 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were antidilutive.