| Reconciliation of basic and diluted income per common share |
The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts):
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Net income |
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$ |
4,324 |
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$ |
6,397 |
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$ |
3,594 |
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$ |
11,321 |
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Net income allocated to preferred shares |
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(5,282 |
) |
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(4,806 |
) |
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(10,595 |
) |
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(9,628 |
) |
Carrying value in excess of consideration paid for preferred shares |
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— |
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— |
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— |
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242 |
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Net loss allocable to non-controlling interest, net of taxes |
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226 |
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|
62 |
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|
410 |
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|
274 |
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Net (loss) income allocable to common shares |
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$ |
(732 |
) |
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$ |
1,653 |
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$ |
(6,591 |
) |
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$ |
2,209 |
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Weighted average number of common shares outstanding: |
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Weighted average number of common shares outstanding - basic |
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6,858,629 |
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7,272,082 |
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6,914,128 |
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7,317,109 |
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Weighted average number of warrants outstanding (1) |
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391,995 |
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391,995 |
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391,995 |
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391,995 |
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Total weighted average number of common shares outstanding - basic |
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7,250,624 |
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7,664,077 |
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7,306,123 |
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7,709,104 |
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Effect of dilutive securities - unvested restricted stock(2) |
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— |
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177,676 |
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— |
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228,680 |
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Weighted average number of common shares outstanding - diluted |
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7,250,624 |
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7,841,753 |
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7,306,123 |
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7,937,784 |
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Net (loss) income per common share - basic |
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$ |
(0.10 |
) |
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$ |
0.22 |
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$ |
(0.90 |
) |
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$ |
0.29 |
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Net (loss) income per common share - diluted |
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$ |
(0.10 |
) |
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$ |
0.21 |
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$ |
(0.90 |
) |
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$ |
0.28 |
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(1)See Note 11 for further details regarding the warrants. (2)Excludes 207,822 and 319,687 shares of common stock, respectively, as they were anti-dilutive for the three and six months ended June 30, 2025.
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