EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

14. EARNINGS PER SHARE

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):

	Years Ended December 31,
	2023		2022
Basic:
Net (loss) income	$	(3,048)	$	18,539
Less: Preferred stock dividend		(12,047)		—
Less: Undistributed earnings allocable to preferred stockholders		—		—
Net (loss) income available to common stockholders	$	(15,095)	$	18,539
Weighted average basic number of common shares outstanding basic		16,441		16,331
Basic net (loss) income per share of common stock	$	(0.92)	$	1.14
Diluted:
Net (loss) income available to common stockholders basic	$	(15,095)	$	18,539
Reallocation of undistributed earnings		—		—
Net (loss) income available to common stockholders diluted	$	(15,095)	$	18,539
Weighted average basic number of common shares outstanding		16,441		16,331
Common stock equivalent shares representing shares issuable upon:
Exercise of warrants and stock options		Anti-dilutive		Anti-dilutive
Vesting of restricted stock units		Anti-dilutive		179
Weighted average diluted number of common shares outstanding diluted		16,441		16,510
Diluted net income (loss) per share of common stock	$	(0.92)	$	1.12

For the year ended December 31, 2023, common stock equivalents, including stock options and certain restricted stock units, totaling 0.5 million weighted-average shares were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the year ended December 31, 2022, common stock equivalents, including warrants, stock options and restricted stock units, totaling 5.8 million shares were not included in the

computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the Company’s net loss in the period. Additionally, the Company also has approximately 0.1 million restricted stock units that vest only upon achievement of certain business combination goals or based on the Company’s TSR as further described in Note 12, “Stockholder’s Equity”. On October 8, 2022 approximately 6.9 million warrants expired which previously gave the holder the right to purchase one share of common stock for each warrant.