Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net income (loss), basic and diluted	$	547	$	(114)	$	1,266	$	(315)

Denominator (in thousands)
Weighted average common shares outstanding, basic	238,221		133,794		236,890		131,958
Effect of potentially dilutive securities
Warrants	1,362		—		3,081		—
Restricted stock units	310		—		351		—
Performance share units	—		—		51		—
Weighted average common shares outstanding, diluted	239,893		133,794		240,373		131,958

Earnings (loss) per common share:
Basic	$	2.30	$	(0.85)	$	5.34	$	(2.39)
Diluted	$	2.28	$	(0.85)	$	5.27	$	(2.39)

During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 308,646 reserved shares of common stock and 582,109 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 Prior Quarter and Prior Period, the diluted loss per share calculation excludes the effect of 777,369 reserved shares of common stock 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. Additionally, the diluted loss per share calculation during the Prior Quarter and Prior Period excludes the antidilutive effect of 7,667,037 and 9,580,029 Warrants, 164,253 and 270,095 RSUs and 0 and 97,528 PSUs, respectively.