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(Loss) Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
(Loss) Earnings Per Share | Note 17 – (Loss) Earnings Per Share The net (loss) income available to common stockholders and weighted-average common shares outstanding are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (7,445 | ) |  | $ | (107,046 | ) |  | $ | 54,682 |  |  | $ | (110,440 | )
Accretion of financing fees |  |  | - |  |  |  | (144 | ) |  |  | - |  |  |  | (431 | )
Accrued dividends on Series C Preferred Stock |  |  | - |  |  |  | (4,676 | ) |  |  | - |  |  |  | (13,340 | )
Allocation of undistributed earnings to nonvested restricted shares |  |  | - |  |  |  | - |  |  |  | (1,828 | ) |  |  | - |
Net (loss) income available to common stockholders - basic |  | $ | (7,445 | ) |  | $ | (111,866 | ) |  | $ | 52,854 |  |  | $ | (124,211 | )
Undistributed earnings reallocated to nonvested restricted shares |  |  | - |  |  |  | - |  |  |  | 103 |  |  |  | - |
Net (loss) income available to common stockholders - diluted |  | $ | (7,445 | ) |  | $ | (111,866 | ) |  | $ | 52,957 |  |  | $ | (124,211 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 18,088,444 |  |  |  | 17,633,629 |  |  |  | 17,981,898 |  |  |  | 17,433,479 |
Issuance of Warrants |  |  | 13,799,482 |  |  |  | 13,720,368 |  |  |  | 13,796,870 |  |  |  | 13,086,066 |
Weighted average common shares outstanding - basic |  |  | 31,887,926 |  |  |  | 31,353,997 |  |  |  | 31,778,768 |  |  |  | 30,519,545 |
Issuance of Fixed Warrants |  |  | - |  |  |  | - |  |  |  | 962,424 |  |  |  | - |
Dilutive effect of employee stock options |  |  | - |  |  |  | - |  |  |  | 997,286 |  |  |  | - |
Weighted average common shares outstanding - diluted |  |  | 31,887,926 |  |  |  | 31,353,997 |  |  |  | 33,738,478 |  |  |  | 30,519,545 |
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 September 30, 2025 and 2024, 2,288,859 and 2,058,180 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the nine months ended September 30, 2025 and 2024, 2,285,159 and 3,119,672 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. Shareholder Rights Plan On September 2, 2025, the Company’s Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on September 8, 2025, for each outstanding share of the Company’s common stock to stockholders of record on September 2, 2025. Each Right entitles the shareholder to purchase from the Company one one-hundredth of a share of Series D Junior Participating Preferred Stock for $42.00, once the Rights become exercisable, subject to adjustment. The Rights will initially trade with and will be inseparable from common stock. The Rights will not be exercisable until: i) 10 business days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 15% or more of the Company’s outstanding common stock (or 20% or more in the case of a person or group that is entitled to file, and does file, a Schedule 13G (a “13G Investor”)); or ii) 10 business days after a person or group begins or announces a tender or exchange offer which, if completed, would result in that person or group becoming an Acquiring Person. The Rights will expire on August 5, 2026, unless the Expiration Date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Company.

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