Three Months Ended

Six Months Ended

June 30,

2023

2022

2023

2022

Numerator:

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

$

(3,468)

$

9,490

$

(9,111)

$

6,003

Denominator:

Basic weighted average number of shares outstanding

19,735,500

19,677,243

19,684,630

19,624,474

Add: Effect of warrants

—

657

—

639

Add: Effect of stock options

—

136,548

—

131,662

Diluted weighted average number of shares outstanding

19,735,500

19,814,448

19,684,630

19,756,775

Basic net loss per share

$

(0.18)

$

0.48

$

(0.46)

$

0.31

Diluted net loss per share

$

(0.18)

$

0.48

$

(0.46)

$

0.30