Three Months Ended

Six Months Ended

June 30,

2022

2021

2022

2021

Numerator:

Net income (loss) attributable to Xcel Brands, Inc. stockholders (in thousands)

$

9,490

$

(1,558)

$

6,003

$

(4,105)

Denominator:

Basic weighted average number of shares outstanding

19,677,243

19,449,116

19,624,474

19,355,795

Add: Effect of warrants

657

—

639

—

Add: Effect of stock options

136,548

—

131,662

—

Diluted weighted average number of shares outstanding

19,814,448

19,449,116

19,756,775

19,355,795

Basic net income (loss) per share

$

0.48

$

(0.08)

$

0.31

$

(0.21)

Diluted net income (loss) per share

$

0.48

$

(0.08)

$

0.30

$

(0.21)