COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 14.       COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes on an if-converted basis.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):

	Year Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	(8,779)	$	758	$	(1,623)
Add Back: Effect of Dilutive Interest Related to 2025 Notes (1)		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	(8,779)	$	758	$	(1,623)
Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		25,361,379		22,529,703		18,508,201
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		39,797		—		—
Common Shares Applicable to Dilutive Effect of 2025 Notes (2)		—		—		—
Weighted Average Shares Outstanding, Diluted		25,401,176		22,529,703		18,508,201
Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	(0.35)	$	0.03	$	(0.09)

(1) As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes to derive FFO effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the years ended December 31, 2024 and 2023 a total of $2.1 million of interest was not included, respectively, and for the year ended December 31, 2022 a total of $2.2 million of interest was not included, as the impact of the 2025 Notes would be antidilutive to the net income (loss) attributable to common stockholders in each respective period.

(2) A total of 3.6 million, 3.3 million shares, and 3.1 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net loss attributable to common stockholders for the years ended December 31, 2024, 2023 or 2022, respectively, because they were antidilutive to the net income (loss) attributable to common stockholders in each respective period.

There were 39,797 potentially dilutive shares related to the Company’s restricted stock for the year ended December 31, 2024.There were no potentially dilutive securities for years ended December 31, 2023 or 2022 related to the Company’s stock options and restricted stock. The effect of 2,741 or 68,269 potentially dilutive restricted stock units were not included for the years ended December 31, 2023 or 2022, respectively, as the effect would be anti-dilutive.