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NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2026

NET INCOME PER SHARE

NET INCOME PER SHARE

12. NET INCOME PER SHARE

The Series A and Series B Preferred Stock do not have similar economic rights to the common stock and management does not consider them to be in substance common shares for earnings per share (“EPS”) purposes. As a result, the weighted average Series A and Series B Preferred Stock outstanding during the period was not included in the calculation of weighted average common stock outstanding. Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes warrants, Series A Preferred Stock, Series B Preferred Stock, options and unvested restricted stock) and accordingly, as applicable adjusting net income to add back any changes in earnings that reduce earnings per common share in the period associated with the potential common stock equivalents.

The computation of income per share and weighted average of the Company’s common stock outstanding for the three months ended March 31, 2026 and 2025 is as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three months ended		​	Three months ended
​	​	March 31,		​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Net income	​	$	1,901	​	$	1,033
Series A preferred dividends	​	​	366	​	​	351
Series B preferred dividends	​	​	26	​	​	27
Net income available to common shareholders	​	​	1,509	​	​	655
Shares for basic and diluted calculation	​	​	​	​	​	​
Average shares used in basic computation	​	​	16,751	​	​	16,602
Dilutive effect of unvested stock units	​	​	191	​	​	—
Average shares used in diluted computation	​	​	16,942	​	​	16,602
Earnings per common share	​	​	​	​	​	​
Basic	​	$	0.09	​	$	0.04
Diluted	​	$	0.09	​	$	0.04

​

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share for the period presented as they were anti-dilutive (in thousands).

​	​	​	​	​
​	​	Three months ended	​	Three months ended
​	​	March 31,	​	March 31,
​	​ ​ ​	2026	​ ​ ​	2025
Warrants	​	15,148	​	15,148
Series A preferred stock	​	1,644	​	1,555
Series B preferred stock	​	150	​	150
Stock options	​	873	​	—

​

During the preparation of the current period financial statements, the Company identified an immaterial error in the calculation of EPS for the prior periods. The error did not impact net income, total equity, or cash flows. The EPS figures for the prior periods have been revised accordingly in the comparative presentation. Management has concluded that the correction is not material to the prior period financial statements and does not require restatement.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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