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NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2024

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

8. NET INCOME (LOSS) PER SHARE

Basic (loss) income per share is computed by dividing the net (loss) income by the weighted average shares outstanding. Diluted (loss) income per share is computed by dividing the net (loss) income by the weighted average diluted shares outstanding.

On May 6, 2024, a $0.32 per share special cash dividend on the Company’s common stock, that was declared on March 28, 2024, was paid to stockholders of record as of the close of business on April 22, 2024. The aggregate payment was approximately $9.9 million.

The computation of basic and diluted (loss) income per share (in thousands, except share and per share data) was as follows:


		Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Net (loss) income		$	(3,546)		$	(4,430)		$	2,300		$	(4,843)
Weighted average common shares outstanding
Basic			30,815,443			25,000,564			30,813,886			25,000,564
Dilutive common stock options, restricted stock unit awards and restricted stock awards			—			—			—			—
Diluted			30,815,443			25,000,564			30,813,886			25,000,564
Basic (loss) income per share of common stock		$	(0.12)		$	(0.18)		$	0.07		$	(0.19)
Diluted (loss) income per share of common stock		$	(0.12)		$	(0.18)		$	0.07		$	(0.19)

The Company had a net loss for the three months ended June 30, 2024, and 2023, and for the six months ended June 30, 2023. As a result, all stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted loss per share of common stock for those periods. The Company had net income for the six months ended June 30, 2024, however due to stock valuation at June 30, 2024, any associated stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and were excluded from weighted average shares used in determining the diluted income per share of common stock for that period.

The following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the three and six months ended June 30, 2024 and 2023:


		Three Months Ended June 30,							Six Months Ended June 30,
		2024			2023				2024			2023
Restricted stock units			3,187			—				1,593			—
Convertible Note			—			5,811,765				—			3,178,810
Total			3,187			5,811,765				1,593			3,178,810