Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common shareholders by the weighted average number of common shares outstanding for the period. The following table provides a reconciliation of the numerator and denominator of the EPS calculations:

	Three months ended March 31,
	2025		2024
Numerator
Net income	$	1,445,000	$	323,000
Preferred stock dividends	(1,864,000)		(2,688,000)
Deemed contribution related to preferred stock repurchases	10,249,000		—
Net income (loss) attributable to common shares	$	9,830,000	$	(2,365,000)
Denominator
Weighted average number of common shares outstanding	13,718,169		13,718,169
Net income (loss) per common share attributable to common shareholders	$	0.72	$	(0.17)