Earnings (loss) per Share
The following is the computation of earnings (loss) per basic and diluted share (in thousands, except share and per share data):
Year Ended December 31,
202520242023
Basic and diluted earnings (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders$70,789 $52,097 $(45,787)
Denominator:
Weighted average shares used to compute basic and diluted EPS6,361,4275,090,7874,408,320 
Basic earnings (loss) per share:$11.13 $10.23 $(10.39)
Diluted earnings (loss) per share:
Numerator:
Dilutive net income (loss) attributable to common stockholders70,789 53,227 (45,787)
Denominator:
Weighted average shares used to compute basic EPS6,361,4275,090,7874,408,320
Dilutive effect of convertible note179,500 — 
Dilutive effect of common stock warrants84,69553,186 — 
Dilutive effect of unvested restricted stock108,85444,511 — 
Dilutive effect of contingently issuable shares201,132123,692 — 
Weighted average shares used to compute diluted EPS6,756,1085,491,6764,408,320 
Diluted earnings (loss) per share:$10.48 $9.69 $(10.39)
For the year ended December 31, 2023, the computation of diluted earnings per common share excludes the exercise of 27,581 common stock options (4,137,149 prior to the 2024 Reverse Stock Splits), 135,731 warrants (20,343,562 prior to the 2024 Reverse Stock Splits), 2,596 unvested restricted stock units (389,439 prior to the 2024 Reverse Stock Split) and 16,226 shares of common stock (2,433,908 prior to the 2024 Reverse Stock Splits) issuable upon conversion of outstanding convertible debt.
The dilutive effect of convertible debt was calculated using the if-converted method, whereas the dilutive effect of the assumed exercise of outstanding options, warrants, unvested restricted stock and contingently issuable shares was calculated using the treasury stock method.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 31, 2025
2023Mar 29, 2024
2022Mar 3, 2023
2021Mar 31, 2022

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.