Earnings Per Share

3 Months Ended

Mar. 31, 2025


3.			Earnings Per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) 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:


	Three Months Ended March 31,
	2025		2024
Numerator
Net income (loss), basic and diluted	$	(249)	$	26

Denominator (in thousands)
Weighted average common shares outstanding, basic	234,434		130,893
Effect of potentially dilutive securities
Warrants	—		10,302
Restricted stock units	—		379
Performance share units	—		178
Weighted average common shares outstanding, diluted	234,434		141,752

Earnings (loss) per common share:
Basic	$	(1.06)	$	0.20
Diluted	$	(1.06)	$	0.18

During the Current Quarter and Prior Quarter, the diluted earnings (loss) per share calculation excludes the effect of 308,646 and 777,369 reserved shares of common stock and 582,109 and 1,466,502 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 Current Quarter and Prior Quarter, respectively. Additionally, the diluted loss per share calculation during the Current Quarter excludes the antidilutive effect of 5,634,917 Warrants, 413,816 RSUs and 154,868 PSUs.