The Company is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated using the treasury stock method by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. The effect of dilutive securities is presented net of tax.


($ in thousands, except share and per share amounts)	Year ended December 31, 2025					Year ended December 31, 2024
	Loss (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount		Loss (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount
Basic EPS
Net loss attributable to common stockholders	$	(2,740)	7,570,205			$	(92,175)	6,699,247
Allocation of income to participating restricted shares	—		—			—		—
Net loss attributable to unrestricted common stockholders	$	(2,740)	7,570,205	$	(0.36)	$	(92,175)	6,699,247	$	(13.76)
Diluted EPS(1,2)

Net loss attributable to common stockholders and dilutive securities	$	(2,740)	7,570,205	$	(0.36)	$	(92,175)	6,699,247	$	(13.76)

(1)The Company’s 2020 Warrants, 2024 Warrants, and effect of restricted stock grants, as applicable, would have an anti-dilutive effect on diluted EPS for the years ended December 31, 2025 and 2024 and have not been included in the calculation.

(2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company’s diluted EPS calculation for the year ended December 31, 2024, would have been anti-dilutive and have been removed from the calculation.