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EARNINGS PER SHARE | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Earnings Per Share [Abstract] |  |
EARNINGS PER SHARE | NOTE 15 – EARNINGS PER SHARE Basic earnings per share is computed using the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding for the period plus dilutive potential common shares, including performance share awards, using the treasury stock method. Performance share awards are included based on the number of shares that would be issued as if the end of the reporting period was the end of the performance period and the result was dilutive. The following table sets forth the computation of the Company’s basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands except share and per share data):
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 3,126 |  |  | $ | 5,701 |
Less: Redeemable Convertible Preferred Stock dividends |  |  | — |  |  |  | (314 | )
Net income attributable to common shareholders — basic |  | $ | 3,126 |  |  | $ | 5,387 |
Add: Redeemable Convertible Preferred Stock dividends |  |  | — |  |  |  | 314 |
Net income attributable to common shareholders — diluted |  | $ | 3,126 |  |  | $ | 5,701 |
Denominator |  |  |  |  |  |  |  |
Weighted-average common shares used in computing earnings per share — basic |  |  | 29,768,568 |  |  |  | 11,951,137 |
Weighted-average effect of potentially dilutive securities: |  |  |  |  |  |  |  |
Effect of potentially dilutive time-based stock options |  |  | — |  |  |  | 1,006,729 |
Effect of potentially dilutive performance-based stock options |  |  | — |  |  |  | — |
Effect of potentially dilutive redeemable convertible preferred stock |  |  | — |  |  |  | 6,719,641 |
Weighted-average common shares outstanding — diluted |  |  | 29,768,568 |  |  |  | 19,677,507 |
Earnings per share — basic |  | $ | 0.11 |  |  | $ | 0.45 |
Earnings per share — diluted |  | $ | 0.11 |  |  | $ | 0.29 |
As of March 31, 2024, the Company’s potentially dilutive securities consisted of options to purchase common stock. As of March 31, 2023, the Company’s potentially dilutive securities consisted of redeemable convertible preferred stock and options to purchase common stock. Based on the amounts outstanding as of the three months ended March 31, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted earnings per share because including them would have had an anti-dilutive effect. The options excluded from the diluted earnings per share calculations were as follows:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Time-based options outstanding |  |  | 4,427,659 |  |  |  | 140,135 |
Total |  |  | 4,427,659 |  |  |  | 140,135 |
Our performance-based stock options were excluded from the diluted earnings per share calculations for the three months ended March 31, 2024 because including them would have had an anti-dilutive effect. Our performance- based stock options were excluded from the diluted earnings per share calculations for the three months ended March 31, 2024 because including them would have had an anti-dilutive effect. Our performance-based stock options were also excluded from the diluted earnings per share calculations for the three months ended March 31, 2023 because all necessary performance conditions were not satisfied by March 31, 2023. The options excluded from the diluted earnings per share calculations were as follows:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Performance-based options outstanding |  |  | 534,063 |  |  |  | 534,063 |
Total |  |  | 534,063 |  |  |  | 534,063 |
| NOTE 17 – EARNINGS PER SHARE Basic earnings per share is computed using the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding for the period plus dilutive potential common shares, including performance share awards, using the treasury stock method. Performance share awards are included based on the number of shares that would be issued as if the end of the reporting period was the end of the performance period and the result was dilutive. The following table sets forth the computation of the Company’s basic and diluted net earnings per share for the years ended December 31, 2023 and 2022 (in thousands, except share and per share data):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 14,748 |  |  | $ | 21,080 |
Less: Redeemable convertible preferred stock dividends |  |  | (314 | ) |  |  | (1,189 | )
Net income attributable to common shareholders — basic |  | $ | 14,434 |  |  | $ | 19,891 |
Add: Redeemable convertible preferred stock dividends |  |  | 314 |  |  |  | 1,189 |
Net income attributable to common shareholders — diluted |  | $ | 14,748 |  |  | $ | 21,080 |
Denominator |
Weighted-average common shares used in computing earnings per share — basic |  |  | 21,421,610 |  |  |  | 11,951,137 |
Weighted-average effect of potentially dilutive securities: |
Effect of potentially dilutive time-based stock options |  |  | 488,997 |  |  |  | 1,006,729 |
Effect of potentially dilutive performance-based stock options |  |  | 45,202 |  |  |  | — |
Effect of potentially dilutive redeemable convertible preferred stock |  |  | 3,175,215 |  |  |  | 6,719,641 |
Weighted-average common shares outstanding — diluted |  |  | 25,131,024 |  |  |  | 19,677,507 |
Earnings per share — basic |  | $ | 0.67 |  |  | $ | 1.66 |
Earnings per share — diluted |  | $ | 0.59 |  |  | $ | 1.07 |
As of December 31, 2023, the Company’s potentially dilutive securities consisted of options to purchase common stock. As of December 31, 2022, the Company’s potentially dilutive securities consisted of redeemable convertible preferred stock and options to purchase common stock. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income per share for the periods presented because including them would have had an anti-dilutive effect:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Time-based options outstanding |  |  | 140,135 |  |  |  | 140,135 |
Total |  |  | 140,135 |  |  |  | 140,135 |
Our performance-based stock options were excluded from the diluted earnings per share calculations for the years ended December 31, 2022 because all necessary performance conditions were not satisfied by December 31, 2022. Our performance-based stock options excluded from diluted earnings per share for the year ended December 31, 2022 were as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Performance-based options outstanding |  |  | — |  |  |  | 534,063 |
Total |  |  | — |  |  |  | 534,063 |

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