Earnings per Share
The Company is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated using the treasury stock method by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. The effect of dilutive securities is presented net of tax.

The following table sets forth the components of basic and diluted earnings per share (“EPS”):
($ in thousands, except share and per share amounts)
Year ended December 31, 2025
Year ended December 31, 2024
Loss (Numerator)Weighted Average Shares
(Denominator)
Per Share
Amount
Loss (Numerator)Weighted Average Shares
(Denominator)
Per Share
Amount
Basic EPS
Net loss attributable to common stockholders$(2,740)7,570,205 $(92,175)6,699,247 
Allocation of income to participating restricted shares— — — — 
Net loss attributable to unrestricted common stockholders$(2,740)7,570,205 $(0.36)$(92,175)6,699,247 $(13.76)
Diluted EPS(1,2)
Net loss attributable to common stockholders and dilutive securities$(2,740)7,570,205 $(0.36)$(92,175)6,699,247 $(13.76)
(1)The Company’s 2020 Warrants, 2024 Warrants, and effect of restricted stock grants, as applicable, would have an anti-dilutive effect on diluted EPS for the years ended December 31, 2025 and 2024 and have not been included in the calculation.
(2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company’s diluted EPS calculation for the year ended December 31, 2024, would have been anti-dilutive and have been removed from the calculation.

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 18, 2025
2023Feb 28, 2024
2022Mar 3, 2023
2021Mar 4, 2022
2020Mar 5, 2021
2019Mar 4, 2020
2018Mar 6, 2019
2017Mar 8, 2018
2016Mar 2, 2017
2015Mar 29, 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.