Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

Note 4 – Earnings Per Share

Basic earnings per share is computed by dividing net income/loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income/loss by the weighted average number of common shares outstanding during the period, plus the dilutive effect of any dilutive securities.

For all periods presented, all share and per share data have been retroactively adjusted for the effect of the 50% Stock Dividend paid in October 2025, which was accounted for as a stock split effected in the form of a stock dividend.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	March 31,
	2026		2025
	(in thousands, except per share data)
Net (loss)	$	(338)	$	(805)
Less: Preferred stock dividends		—		(100)
Net (loss) applicable to common stockholders	$	(338)	$	(905)
Weighted average common shares outstanding – basic		15,750		14,796
Dilutive potential common shares from convertible preferred stock and restricted stock units		—		—
Weighted average common shares outstanding – diluted		15,750		14,796
Earnings (loss) per common share, basic	$	(0.02)	$	(0.06)
Earnings (loss) per common share, diluted	$	(0.02)	$	(0.06)
Shares issuable upon conversion of Series A Convertible Preferred Stock excluded from calculation because their conversion would be anti-dilutive		—		900
Shares subject to restricted stock units excluded from calculation because their effect would be anti-dilutive		47		47

For the three months ended March 31, 2025, 200,000 shares of Series A Convertible Preferred Stock convertible into 900,000 shares of common stock were outstanding but were not included in the computation of diluted earnings (loss) per share because the effect of their conversion would be anti-dilutive due to the net losses; the 900,000 shares of common stock that were issued on conversion of the Series A Convertible Preferred Stock in October 2025 are included in the computation of basic and diluted shares outstanding for the three months ended March 31, 2026. For the three months ended March 31, 2026 and 2025, 46,875 restricted stock units (relating to the same number of shares of common stock) were outstanding but were not included in the computation of diluted earnings (loss) per share for those periods because their effect would be anti-dilutive due to the net loss applicable to common stockholders.