Diluted earnings per share ("EPS") includes the dilutive effect of Common Stock equivalents and is computed using the weighted-average number of Common Stock and Common Stock equivalents outstanding during the reporting period. Diluted EPS for the three months ended March 31, 2025 and 2024 excluded Common Stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share. The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share:


	Three Months Ended March 31,
	2025		2024
Stock options outstanding		186,938		171,170
Junior Note Warrants		859,315		550,000
Public Warrants		417,770		417,770
June 2023 Senior Note Warrants		335,210		335,210
August 2024 Warrants Issued with Junior Notes		19,892		—
Unvested restricted stock units		3,247		21,778
If-converted Common Stock from Series A Preferred Stock(1)		119,445		151,945
If-converted Common Stock from convertible notes		—		335,661
Total		1,941,817		1,983,534

(1)

Related to the three months ended March 31, 2024, assumed that all shares of Series A Preferred Stock were converted into Common Stock at a conversion rate equal to $0.25 divided by $5.00, representing the maximum number of shares issuable to holders of Series A Preferred Stock.