Net Income Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share is computed by dividing net income for the period by the weighted-average number of shares outstanding during the period, including repurchases carried as treasury stock. Diluted net income per share is computed by dividing net income by the weighted-average number of shares outstanding adjusted for the dilutive effect of all potential shares of stock, including the exercise of employee stock options and assumed vesting of restricted stock units (if dilutive). Diluted net income per share was computed using the treasury stock method for warrants, stock options, and restricted stock units.

The following table presents the calculation of basic and diluted net income per share:

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	15,446,241	$	1,294,400	$	53,155,127	$	4,158,724
Denominator*:
Basic shares:
Weighted-average shares outstanding	5,545,353		5,667,430		5,620,754		5,576,233
Diluted shares:
Stock options	120,886		60,299		95,696		67,351
Restricted stock units	239,594		—		231,681		—
Warrants	—		1,936		—		7,637
Weighted-average shares outstanding	5,905,833		5,729,665		5,948,131		5,651,221
Net income per share:
Basic	$	2.79	$	0.23	$	9.46	$	0.75
Diluted	$	2.62	$	0.23	$	8.94	$	0.74

*Effective May 11, 2023, we performed a 1-for-38 reverse stock split. Share amounts have been retroactively restated.

Because their effect would have been anti-dilutive, 42,033 and 564,802 shares were excluded from the denominator of diluted net income per share for the three months ended September 30, 2024 and 2023, respectively, and 43,739 and 442,847 shares for the nine months ended September 30, 2024 and 2023, respectively.