Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

Components of basic and diluted earnings per share

The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):


	Three months ended June 30, 2023					Three months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net loss attributable to common stockholders	$	(12,034)	23,250,725			$	(9,181)	22,754,553
Allocation of loss to participating restricted shares	161		—			103		—
Consolidated net loss attributable to unrestricted common stockholders	$	(11,873)	23,250,725	$	(0.51)	$	(9,078)	22,754,553	$	(0.40)
Effect of dilutive securities(1,2)
Restricted stock grants and director fee shares(3)	(161)		314,626			—		—
Diluted EPS
Consolidated net loss attributable to common stockholders and dilutive securities	$	(12,034)	23,565,351	$	(0.51)	$	(9,078)	22,754,553	$	(0.40)

(1)The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended June 30, 2023 and 2022, respectively, and have not been included in the calculation.

(2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended June 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation.

(3)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the three months ended June 30, 2022 would have been anti-dilutive and have been removed from the calculation.


	Six months ended June 30, 2023					Six months ended June 30, 2022
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net loss attributable to common stockholders	$	(19,975)	23,087,717			$	(5,595)	22,837,971
Allocation of loss to participating restricted shares	272		—			65		—
Consolidated net loss attributable to unrestricted common stockholders	$	(19,703)	23,087,717	$	(0.85)	$	(5,530)	22,837,971	$	(0.24)
Effect of dilutive securities(1,2)
Restricted stock grants and Manager and director fee shares(3)	—		—			(65)		268,090
Diluted EPS
Consolidated net loss attributable to common stockholders and dilutive securities	$	(19,703)	23,087,717	$	(0.85)	$	(5,595)	23,106,061	$	(0.24)

(1)The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the six months ended June 30, 2023 and 2022, respectively, and have not been included in the calculation.

(2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the six months ended June 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation.

(3)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the three months ended June 30, 2023 would have been anti-dilutive and have been removed from the calculation.