Earnings Per Share

3 Months Ended

Mar. 31, 2025

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):


	Three Months Ended March 31,
		2025		2024
Net income		$	16,746	$	2,165
Less: preferred dividends and accretion		14,443		13,502
Net income (loss) to common shareholders		$	2,303	$	(11,337)
Basic:
Weighted average shares		152,076		151,351
Income (loss) per share		$	0.02	$	(0.07)
Diluted:
Effect of restricted stock and performance awards		707		—
Weighted average shares		152,783		151,351
Income (loss) per share		$	0.02	$	(0.07)

Since the Company was in a loss position for the three months ended March 31, 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

At March 31, 2025 and 2024, 1,107,733 and 2,736,244 respectively, of common stock equivalents were excluded from the calculation of diluted net loss per share to common stockholders, as they had an antidilutive effect.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the three months ended March 31, 2025 and 2024, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.