LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

The following are the components and results of operations and loss per common share calculations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(amounts in thousands, except per common share data)	2024		2023		2024		2023
Net loss available to common shareholders	$	(4,831)	$	(4,456)	$	(4,083)	$	(9,416)

Net loss used for EPS	$	(4,831)	$	(4,456)	$	(4,083)	$	(9,416)
Weighted-average number of common shares outstanding – basic	11,785		11,563		11,756		11,566
Weighted-average number of common shares outstanding – diluted	11,785		11,563		11,756		11,566
Basic loss per common share	$	(0.41)	$	(0.39)	$	(0.35)	$	(0.81)
Diluted loss per common share	$	(0.41)	$	(0.39)	$	(0.35)	$	(0.81)

The following table presents the reconciliation from basic to diluted weighted average shares outstanding used in the calculation of basic and diluted loss per common share:


	Three Months Ended June 30,		Six Months Ended June 30,
(amounts in thousands)	2024	2023	2024	2023
Weighted-average number of common shares outstanding – basic	11,785	11,563	11,756	11,566
Add:


Service-based RSUs	—	—	—	—
Weighted-average number of common shares outstanding – diluted	11,785	11,563	11,756	11,566

For basic loss per common share, the performance shares are subject to forfeiture, and they are considered share-indexed instruments and not outstanding shares until they are vested. During the three and six months ended June 30, 2024 and 2023, the vesting criteria has not been met and they are not included.

For the three and six months ended June 30, 2024, the Company’s performance shares, public warrants, and private warrants were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been achieved for the performance shares and the average stock price for the period was below the strike price for the warrants. The performance shares are only considered in the calculation for diluted loss per common share if they are dilutive in nature. The performance shares are only dilutive when the average share price is greater than the strike price and when positive net income is reported. During the three and six months ended June 30, 2024, the average share price was below the strike price and these shares were not included in the diluted loss per common share calculations. For the three and six months ended June 30, 2024, the Company’s performance-based RSUs were excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of June 30, 2024.

For the three and six months ended June 30, 2023, the Company’s performance shares, public warrants, and private warrants were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been

achieved for the performance shares and the average stock price for the period was below the strike price for the warrants. The performance shares are only considered in the calculation for diluted loss earnings per common share if they are dilutive in nature. The performance shares are only dilutive when the average share price is greater than the strike price and when positive net income is reported. During the three and six months ended June 30, 2023, the average share price was below the strike price and these shares were not included in the diluted loss per common share calculations. For the three and six months ended June 30, 2023, the Company’s performance-based RSUs were excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of June 30, 2023.

The following table presents the potentially dilutive shares that were excluded from the computation of diluted loss per common share:


	Three Months Ended June 30,		Six Months Ended June 30,
(amounts in thousands)	2024	2023	2024	2023
Performance shares	300	300	300	300
Public warrants	17,294	17,294	17,294	17,294
Private warrants	5,409	5,409	5,409	5,409
Performance-based RSUs	790	745	790	745
Service-based RSUs	554	743	554	743
Total	24,347	24,491	24,347	24,491