Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net loss per common share reflects the dilution that would occur if restricted shares were vested. In the computation of diluted net loss per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three months ended June 30, 2025 and 2024, Orion was in a net loss position; therefore, the Basic and Diluted weighted-average shares outstanding are equal because any increase to the basic shares would be anti-dilutive. Net loss per common share is calculated based upon the following shares:


	For the Three Months Ended June 30,
	2025			2024
Numerator:
Net loss (in thousands)	$	(1,244	)	$	(3,758	)
Denominator:
Weighted-average common shares outstanding		33,315,237			32,610,604
Weighted-average common shares and common share equivalents outstanding		33,315,237			32,610,604
Net loss per common share:
Basic	$	(0.04	)	$	(0.12	)
Diluted	$	(0.04	)	$	(0.12	)

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net loss per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period:


	For the Three Months Ended June 30,
	2025		2024
Time-Based Restricted shares		673,795		1,524,222
Performance-Based Restricted shares		801,610		1,529,936
Total		1,475,405		3,054,158