Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2025

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,
	2025			2024			2025			2024

Numerator:
Net income (loss)	$	11,679		$	8,177		$	62,127		$	(3,394	)
Accretion of financing fees		-			(143	)		-			(287	)
Accrued dividends on Series C Preferred Stock		-			(4,427	)		-			(8,664	)
Allocation of undistributed earnings to nonvested restricted shares		(384	)		-			(2,151	)		-
Net income (loss) available to common stockholders - basic	$	11,295		$	3,607		$	59,976		$	(12,345	)
Undistributed earnings reallocated to nonvested restricted shares		18			-			116			-
Net income (loss) available to common stockholders - diluted	$	11,313		$	3,607		$	60,092		$	(12,345	)
Denominator:
Weighted average common shares outstanding		17,999,806			17,536,190			17,927,741			17,332,304
Issuance of Warrants		13,793,940			13,105,003			13,800,162			12,903,572
Weighted average common shares outstanding - basic		31,793,746			30,641,193			31,727,903			30,235,876
Issuance of Fixed Warrants		797,192			1,636,313			924,637			-
Dilutive effect of employee stock options		807,392			-			951,087			-
Weighted average common shares outstanding - diluted		33,398,330			32,277,506			33,603,627			30,235,876

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 non-vested share awards. For the three months ended June 30, 2025 and 2024, 2,191,732 and 3,130,304 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, 2025 and 2024, 2,239,389 and 4,780,208 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.