Note 11 - Net Income per Common Share
The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | |
| | | For the Years Ended |
| | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 |
| Net Income (Loss) | | $ | 322,687 | | | $ | (14,394) | | | $ | (67,923) | |
| Less: Preferred dividends | | (12,038) | | | (11,982) | | | (11,982) | |
| Net Income (Loss) available (related) to common stockholders | | $ | 310,649 | | | $ | (26,376) | | | $ | (79,905) | |
| | | | | | |
| Weighted average common shares outstanding – basic | | 93,943 | | | 52,158 | | | 43,054 | |
| Add: Effect of dilutive non-vested awards, assumed vested | | 325 | | | — | | | — | |
| Weighted average common shares outstanding – diluted | | 94,268 | | | 52,158 | | | 43,054 | |
| | | | | | |
| Net Income (Loss) per share available (related) to common stockholders - basic | | $ | 3.31 | | | $ | (0.51) | | | $ | (1.86) | |
| Net Income (Loss) per share available (related) to common stockholders - diluted | | $ | 3.30 | | | $ | (0.51) | | | $ | (1.86) | |
For the years ended December 31, 2024 and December 31, 2023, 170 and 298, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.
Note 12 - Comprehensive Income (Loss) per Common Share
The following table presents a reconciliation of comprehensive income (loss) and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | |
| | | For the Years Ended |
| | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 |
| Comprehensive Income (Loss) | | $ | 322,687 | | | $ | (14,394) | | | $ | (56,396) | |
| Less: Preferred dividends | | (12,038) | | | (11,982) | | | (11,982) | |
| Comprehensive Income (Loss) available (related) to common stockholders | | $ | 310,649 | | | $ | (26,376) | | | $ | (68,378) | |
| Comprehensive Income (Loss) per share available (related) to common stockholders: | | | | | | |
| Basic | | $ | 3.31 | | | $ | (0.51) | | | $ | (1.59) | |
| Diluted | | $ | 3.30 | | | $ | (0.51) | | | $ | (1.59) | |
| Weighted average common shares outstanding: | | | | | | |
| Basic | | 93,943 | | | 52,158 | | | 43,054 | |
| Add: Effect of dilutive non-vested awards, assumed vested | | 325 | | | — | | | — | |
| Diluted | | 94,268 | | | 52,158 | | | 43,054 | |
For the years ended December 31, 2024 and December 31, 2023, 170 and 298 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.