(4) Earnings per Share
Included in the computation of diluted earnings
per share for the three months ended March 31, 2025, was a total of 2,528,837 in potential shares of common stock. Included in the computation
of diluted earnings per share for the three months ended March 31, 2024 was a total of 5,359,890 in potential common stock. This total
was comprised of: 1) options to purchase approximately 250,000 shares of common stock outstanding, and 2) preferred stock convertible
into a total of 5,109,890 shares of common stock outstanding as of March 31, 2024.
Earnings applicable to common stock and common
stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Three months ended
March 31, | |
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2025 | | |
2024 | |
| Numerator: (in Thousands) | |
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| Net income | |
$ | 80 | | |
$ | 893 | |
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| Denominator: | |
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| Weighted average number of basic common shares outstanding | |
| 70,103,279 | | |
| 52,675,851 | |
| Weighted average additional shares assuming conversion of in-the-money stock options to common shares | |
| 2,528,837 | | |
| 250,000 | |
| Weighted average additional shares assuming conversion of issued convertible preferred stock | |
| — | | |
| 5,109,890 | |
| Weighted average number of diluted common shares outstanding | |
| 72,632,116 | | |
| 58,035,741 | |
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| Basic earnings per common share: | |
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| Net income per share – basic | |
$ | — | | |
$ | 0.02 | |
| Diluted earnings per common share: | |
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| Net income per share – diluted | |
$ | — | | |
$ | 0.02 | |
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