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NET INCOME (LOSS) PER COMMON SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE

6. NET INCOME (LOSS) PER COMMON SHARE

 

The following table reconciles the weighted-average shares outstanding for basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024:

 

   2025   2024   2025   2024 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2025   2024   2025   2024 
   ($ in thousands, except share and per share amounts) 
Basic and Diluted:                    
Net income (loss) attributable to common shareholders  $1,537   $(2,249)  $674   $(3,802)
Weighted-average common shares used to compute basic and diluted income (loss) per share   42,321,629    16,132,420    33,118,912    16,073,364 
Net income (loss) attributable to common shareholders per share - basic and diluted  $0.04   $(0.14)  $0.02   $(0.24)

 

The net income (loss) attributable to common shareholders includes the preferred stock dividend amounts earned and declared for the three and six months ended June 30, 2025 of approximately $1.4 million and $4.2 million, respectively and the preferred stock dividend amounts earned, but not declared, for the three and six months ended June 30, 2024 of approximately $3.9 million and $5.2 million, respectively. The dividend payable at June 30, 2025 and December 31, 2024 in the condensed consolidated balance sheets represents one month and four months, respectively, of dividends declared, but not paid.

 

For the three and six months ended June 30, 2024, the 198,212 unvested equity restricted stock units (“RSUs”) as discussed in Note 14, have been excluded from the above calculations as they were anti-dilutive. For the three and six months ended June 30, 2025, the unvested equity RSUs totaling 152,800 were included in the fully diluted net income per share calculation, but it did not have a dilutive effect.