Three Months Ended

Nine Months Ended

September 30,

2023

2022

2023

2022

Numerator:

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

$

(5,144)

$

(4,042)

$

(14,255)

$

1,961

Denominator:

Basic weighted average number of shares outstanding

19,749,317

19,624,860

19,683,525

19,624,604

Add: Effect of warrants

—

620

Add: Effect of stock options

—

127,115

Diluted weighted average number of shares outstanding

19,749,317

19,624,860

19,683,525

19,752,339

Basic net (loss) income per share

$

(0.26)

$

(0.21)

$

(0.72)

$

0.10

Diluted net (loss) income per share

$

(0.26)

$

(0.21)

$

(0.72)

$

0.10