Basic and Dilutive Weighted Average Shares Outstanding
We have excluded from the calculation of diluted weighted average shares outstanding those instruments whose effect would have been antidilutive. The following table presents the weighted average number of shares outstanding and the computation of basic and diluted weighted average shares outstanding retroactively adjusted to reflect the reverse stock split for the periods presented:
Year Ended December 31,
202520242023
Basic weighted average number of shares outstanding16,434,919 16,147,506 16,128,366 
Effect of potentially dilutive instruments— — — 
Diluted weighted average number of shares16,434,919 16,147,506 16,128,366 
Anti-dilutive warrants outstanding and unvested founder shares— 786,819 1,772,602 
Anti-dilutive Senior Convertible PIK Notes808 2,411,327 2,500,000 
Anti-dilutive stock-based compensation awards2,881,156 1,657,789 1,207,723 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 26, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2020Mar 16, 2021

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.