Income (Loss) per Share
Basic income (loss) per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of warrants, stock options and RSUs calculated using the treasury stock method and the 2025 Convertible Notes calculated using the if-converted method) are excluded from the diluted EPS computation in loss periods and when their effect would be anti-dilutive.
The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):
Income/(Loss)
(Numerator)
Shares*
(Denominator)
Per-Share Amount
Year Ended December 31, 2025
Basic and Diluted EPS
Income from continuing operations$1,238 
Less: preferred stock dividends(3,574)
Loss from continuing operations attributable to common stockholders(2,336)15,129,030 $(0.15)
Loss from discontinued operations, net of tax(400)15,129,030 $(0.03)
Loss attributable to common stockholders$(2,736)15,129,030 $(0.18)
Year Ended December 31, 2024
Basic and Diluted EPS
Loss from continuing operations$(14,369)
Less: preferred stock dividends(3,269)
Loss from continuing operations attributable to common stockholders(17,638)12,535,756 $(1.41)
Income from discontinued operations, net of tax18,941 12,535,756 $1.51 
Income attributable to common stockholders$1,303 12,535,756 $0.10 
(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1
The following is a summary of outstanding potential shares of common stock that have been excluded from the computation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive (in thousands):
 Year Ended December 31,
20252024
2025 Convertible Notes— 119 
Common stock warrants2,930 3,018 
Non-qualified stock options1,517 270 
Restricted stock units1,846 1,112 
Employee Stock Purchase Plan28 29 
Total6,321 4,548 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 20, 2025
2023Feb 22, 2024
2022Mar 3, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 16, 2020
2018Mar 12, 2019
2017Mar 16, 2018
2016Mar 31, 2017
2015Mar 15, 2016

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.