Earnings Per Share

12 Months Ended

Dec. 31, 2024


3.			Earnings Per Share

Basic earnings (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner but includes the impact of potentially dilutive securities utilizing the treasury stock method. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Years Ended December 31,
	2024		2023		2022
Numerator
Net income (loss) available to common stockholders, basic and diluted	$	(714)	$	2,419	$	4,869

Denominator (in thousands)
Weighted average common shares outstanding, basic	156,989		132,840		125,785
Effect of potentially dilutive securities
Warrants	—		9,750		19,734
Restricted stock units	—		338		395
Performance share units	—		48		47
Weighted average common shares outstanding, diluted	156,989		142,976		145,961

Earnings per common share:
Basic	$	(4.55)	$	18.21	$	38.71
Diluted	$	(4.55)	$	16.92	$	33.36

During the years ended December 31, 2024, 2023 and 2022, the diluted earnings per share calculation excludes the effect of 308,646, 777,369 and 789,458 reserved shares of common stock and 582,109, 1,466,502 and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, the diluted loss per

share calculation during the year ended December 31, 2024 excludes the antidilutive effect of 9,058,361 Warrants, 315,318 RSUs and 86,421 PSUs.