Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

NET INCOME (LOSS) PER COMMON SHARE

Please refer to Note 1 for information regarding the Company’s treatment of its preferred stock and stock awards in the calculation of its basic and diluted net income or loss per common share and to Note 7 for information regarding the Company’s stock award activity for the periods presented. The following table presents the computations of basic and diluted net income or loss per common share for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
($s in thousands)	2024		2023		2024		2023
Weighted average number of common shares outstanding - basic	75,792,527		54,556,853		67,313,385		54,175,367
Incremental common shares-unvested RSUs	182,087		—		150,151		—
Incremental common shares-unvested PSUs	391,873		—		345,356		—
Weighted average number of common shares outstanding - diluted	76,366,487		54,556,853		67,808,892		54,175,367

Net income (loss) to common shareholders	$	29,074	$	(44,974)	$	57,042	$	(36,205)
Net income (loss) per common share-basic	$	0.38	$	(0.82)	$	0.85	$	(0.67)
Net income (loss) per common share-diluted	$	0.38	$	(0.82)	$	0.84	$	(0.67)

The calculation of diluted net loss per common share for the three and nine months ended September 30, 2023 excludes unvested RSUs and PSUs of 441,587 and 372,579, respectively, which would have been anti-dilutive for the period.