Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2025

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				Six Months Ended
	June 30,				June 30,
($s in thousands)	2025		2024		2025		2024
Weighted average number of common shares outstanding - basic	113,177,331		66,954,870		101,897,495		63,003,545
Incremental common shares-unvested RSUs	—		—		—		460,118
Incremental common shares-unvested PSUs	—		—		—		449,493
Weighted average number of common shares outstanding - diluted	113,177,331		66,954,870		101,897,495		63,913,156

Net (loss) income to common shareholders	$	(16,286)	$	(10,227)	$	(21,285)	$	27,968
Net (loss) income per common share-basic	$	(0.14)	$	(0.15)	$	(0.21)	$	0.44
Net (loss) income per common share-diluted	$	(0.14)	$	(0.15)	$	(0.21)	$	0.44

The calculation of diluted net loss per common share for the three and six months ended June 30, 2025 and for the three months ended June 30, 2024 excludes unvested RSUs and PSUs of 687,571, 651,200, and 1,110,206, respectively, which would have been anti-dilutive for the period.