Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Note 17 – Earnings (Loss) Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023

Numerator:
Net income (loss)	$	8,177		$	(18,889	)	$	(3,394	)	$	(23,926	)
Accretion of financing fees		(143	)		(57	)		(287	)		(57	)
Accrued dividends on Series C Preferred Stock		(4,427	)		(1,612	)		(8,664	)		(1,612	)
Net income (loss) available to common stockholders - basic	$	3,607		$	(20,558	)	$	(12,345	)	$	(25,595	)
Net income (loss) available to common stockholders - diluted	$	3,607		$	(20,558	)	$	(12,345	)	$	(25,595	)
Denominator:
Weighted average common shares outstanding		17,536,190			16,974,593			17,332,304			16,883,946
Issuance of Warrants		13,105,003			11,139,232			12,903,572			10,668,351
Weighted average common shares outstanding - basic		30,641,193			28,113,825			30,235,876			27,552,297
Issuance of Fixed Warrants		1,636,313			-			-			-
Weighted average common shares outstanding - diluted		32,277,506			28,113,825			30,235,876			27,552,297

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 stockholders 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 the 2023 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, 2024 and 2023, 3,130,304 and 5,893,935 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, 2024 and 2023, 4,780,208 and 5,865,863 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.