Note 5 - Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2025

Note 5. Earnings (Loss) Per Common Share

We calculate basic income (loss) per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, performance based units and convertible preferred stock (collectively referred to as dilutive units) for periods in which we have reported net income. The 2025 dilutive units exclude the impact of 2,068,000 warrants exercisable at $8.02 per warrant, due to their anti-dilutive impact. For periods in which we report net losses, potential dilutive units are excluded, as their conversion and exercise would be anti-dilutive.

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share):


	Three Months Ended March 31,
	2025			2024
Numerator
Net income (loss) applicable to common stockholders	$	28,872		$	(5,753	)
Preferred stock dividends		(138	)		(138	)
Net income (loss) applicable to common stockholders	$	28,734		$	(5,891	)

Denominator
Basic weighted average common shares		632,047			616,199
Dilutive units		2,661			—
Diluted weighted average common shares		634,708			616,199

Basic earnings (loss) per common share	$	0.05		$	(0.01	)
Diluted earnings (loss) per common share	$	0.05		$	(0.01	)

For the three months ended March 31, 2024, all outstanding dilutive units were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share.