| Schedule of Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share of Common Stock and Series A Preferred Stock using the two-class method.
|
|
|
Three Months
Ended
March 31,
|
| |
|
Successor
2025
|
|
Basic Shares:
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
Net loss
|
|
$
|
(25,793 |
)
|
|
Undistributed loss allocated to Series A Preferred Stock
|
|
|
211 |
|
|
Net loss available to holders of Common Stock
|
|
$
|
(25,582 |
)
|
| |
|
|
|
|
|
Denominator:
|
|
|
|
|
|
Weighted average Common Stock outstanding – basic
|
|
|
121,476,215 |
|
|
Weighted average Series A Preferred Stock outstanding – basic
|
|
|
1,000,000 |
|
|
Basic loss per Common Stock
|
|
$
|
(0.21 |
)
|
|
Basic loss per Series A Preferred Stock
|
|
$
|
(0.21 |
)
|
| |
|
|
|
|
|
Dilutive Shares:
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
Net loss available to holders of Common Stock
|
|
$
|
(25,582 |
)
|
|
Add back: loss allocated to holders of Series A Preferred Stock
|
|
|
(211 |
)
|
|
Net loss available to holders of Common Stock
|
|
$
|
(25,793 |
)
|
|
Denominator:
|
|
|
|
|
|
Weighted average Common Stock outstanding – basic
|
|
|
121,476,215 |
|
|
Add: dilutive securities
|
|
|
|
|
|
Stock options
|
|
|
—
|
|
|
Warrants
|
|
|
—
|
|
|
Restricted Stock Units
|
|
|
—
|
|
|
Series A Preferred Stock
|
|
|
1,000,000 |
|
|
Weighted average Common Stock outstanding – diluted
|
|
|
122,476,215 |
|
|
Weighted average Series A Preferred Stock outstanding – diluted
|
|
|
1,000,000 |
|
|
Diluted loss per Common Stock
|
|
$
|
(0.21 |
)
|
|
Diluted loss per Series A Preferred Stock
|
|
$
|
(0.21 |
)
|
|
|
|
Three Months
Ended
March 31,
|
| |
|
Predecessor
2024
|
|
Basic Shares:
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
Net loss
|
|
$
|
(1,271 |
)
|
|
Net loss available to Common Shares
|
|
$
|
(1,271 |
)
|
| |
|
|
|
|
|
Denominator:
|
|
|
|
|
|
Weighted average Common Shares Outstanding – basic
|
|
|
5,024,802 |
|
|
Dilutive shares from stock options
|
|
|
—
|
|
|
Weighted average Common Shares outstanding – diluted
|
|
|
5,024,802 |
|
|
Basic loss per Common Share
|
|
$
|
(0.25 |
)
|
|
Diluted loss per Common Share
|
|
$
|
(0.25 |
)
|
|
The following table sets forth the computation of basic and diluted earnings per share of Common Stock and Series A Preferred Stock using the two-class method.
|
|
|
2024
|
|
Successor
July 30 to
December 31
|
|
Basic Shares:
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
Net loss
|
|
$
|
(105,452 |
)
|
|
Loss allocated to Series A Preferred Stock
|
|
|
861 |
|
|
Net loss allocated to holders of Common Stock
|
|
$
|
(104,591 |
)
|
| |
|
|
|
|
|
Denominator:
|
|
|
|
|
|
Weighted average Common Stock outstanding – basic
|
|
|
121,454,845 |
|
|
Weighted average Series A Preferred Stock outstanding – basic
|
|
|
1,000,000 |
|
|
Basic loss per Common Stock
|
|
$
|
(0.86 |
)
|
|
Basic loss per Series A Preferred Stock
|
|
$
|
(0.86 |
)
|
| |
|
|
|
|
|
Dilutive Shares:
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
Net loss allocated to holders of Common Stock
|
|
$
|
(104,591 |
)
|
|
Add back: Loss allocated to holders of Series A Preferred Stock
|
|
|
(861 |
)
|
|
Net loss available to Common Stock
|
|
$
|
(105,452 |
)
|
|
Denominator:
|
|
|
|
|
|
Weighted average Common Stock outstanding – basic
|
|
|
121,454,845 |
|
|
Add: dilutive securities
|
|
|
|
|
|
Share Options
|
|
|
—
|
|
|
Warrants
|
|
|
—
|
|
|
Restricted Stock Units
|
|
|
—
|
|
|
Series A Preferred Stock
|
|
|
1,000,000 |
|
|
Weighted average Common Stock outstanding – diluted
|
|
|
122,454,845 |
|
|
Weighted average Series A Preferred Stock outstanding – diluted
|
|
|
1,000,000 |
|
|
Diluted loss per Common Stock
|
|
$
|
(0.86 |
)
|
|
Diluted loss per Series A Preferred Stock
|
|
$
|
(0.86 |
)
|
Basic and diluted earnings per share for the period from January 1 to July 29, 2024 (Predecessor), and years ended December 31, 2023 and 2022 (Predecessor) were calculated as follows:
|
|
|
2024
Predecessor
January 1 to
July 29
(As Restated)
|
|
2023
|
|
2022
|
| |
|
Predecessor
January 1 to
December 31
|
|
Predecessor
January 1 to
December 31
|
|
Basic Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(15,703 |
)
|
|
$
|
(6,289 |
)
|
|
$
|
20,043 |
|
Net income (loss) available to Common Shares
|
|
$
|
(15,703 |
)
|
|
$
|
(6,289 |
)
|
|
$
|
20,043 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares Outstanding – basic
|
|
|
5,024,802 |
|
|
|
5,024,802 |
|
|
|
5,026,061 |
|
Dilutive shares from stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
67,663 |
|
Weighted average Common Shares outstanding – diluted
|
|
|
5,024,802 |
|
|
|
5,024,802 |
|
|
|
5,093,724 |
|
Basic income (loss) earnings per Common
Share
|
|
$
|
(3.13 |
)
|
|
$
|
(1.25 |
)
|
|
$
|
3.99 |
|
Diluted income (loss) earnings per Common
Share
|
|
$
|
(3.13 |
)
|
|
$
|
(1.25 |
)
|
|
$
|
3.93 |
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
These excluded shares are as follows:
|
|
|
Predecessor
|
| |
|
Outstanding as
of March 31,
2024
|
|
Tranche B Options
|
|
186,933 |
|
Tranche C Options
|
|
55,872 |
|
These excluded shares are as follows:
|
|
|
Outstanding as of
|
| |
|
July 29,
2024
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Tranche B Options
|
|
180,828 |
|
186,933 |
|
169,843 |
|
Tranche C Options
|
|
55,872 |
|
55,872 |
|
55,872 |
|