Note 12 - Earnings Per Share (EPS)

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 12. EARNINGS PER SHARE (EPS)

The Company had dividend eligible PUs and DSUs that were outstanding during the six and three months ended June 30, 2025 and 2024. The basic and diluted per share computations include these unvested PUs and DSUs if there is income available to common stock, as they have dividend participation rights. The unvested PUs and DSUs have no contractual obligation to share in losses. Because there is no such obligation, the unvested PUs and DSUs are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the six and three months ended June 30, 2025 and 2024.

(in thousands, except per share information)
	Six Months Ended June 30,						Three Months Ended June 30,
	2025			2024			2025			2024
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net (loss) income - Basic and diluted	$	(16,456	)	$	14,797		$	(33,578	)	$	(4,979	)
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		126,567			64,824			126,567			64,824
Unvested dividend eligible share based compensation outstanding at the balance sheet date		-			221			-			-
Effect of weighting		(21,824	)		(10,246	)		(12,114	)		(7,060	)
Weighted average shares-basic and diluted		104,743			54,799			114,453			57,764
Net (loss) income per common share:
Basic and diluted	$	(0.16	)	$	0.27		$	(0.29	)	$	(0.09	)
Anti-dilutive incentive shares not included in calculation		263			-			263			221