Basic net income (loss) per share (“EPS”) is calculated by dividing net earnings by the weighted average number of common shares outstanding during the period. Potentially dilutive securities include warrants, Series A Preferred Stock, shares of restricted stock, restricted stock units, and former employee stock options. Diluted EPS reflects the assumed exercise or


	Three Months Ended March 31,
	2025		2024
Basic net income (loss) per common share calculation:
Net income (loss) attributable to Sonida shareholders	$	(12,529)	$	27,019
Less: Dividends on Series A Preferred Stock	(1,409)		—
Less: Undeclared dividends on Series A Preferred Stock	—		(1,335)
Less: Undistributed earnings allocated to participating securities	—		(2,849)
Net income (loss) attributable to common shareholders	$	(13,938)	$	22,835
Weighted average shares outstanding — basic	18,047		9,861
Basic net income (loss) per share	$	(0.77)	$	2.32

Diluted net income (loss) per common share calculation:
Net income (loss) attributable to common shareholders	$	(13,938)	$	22,835
Weighted average shares outstanding — diluted	18,047		10,562
Diluted net income (loss) per share	$	(0.77)	$	2.16


	Three Months Ended March 31,
(shares in thousands)	2025	2024
Weighted average shares outstanding - diluted reconciliation:
Weighted average shares outstanding — basic	18,047	9,861
Dilutive effect of share-based instruments	—	701

Weighted average shares outstanding — diluted	18,047	10,562

The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:


	Three Months Ended March 31,
(shares in thousands)	2025	2024
Warrants	1,031	1,031
Series A Preferred Stock (if converted)	1,281	1,230
Restricted stock awards	885	22
Restricted stock units	5	—
Stock options	10	10

Total	3,212	2,293