| EARNINGS PER SHARE |
NOTE 5. EARNINGS PER SHARE
The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | Numerator | (in thousands, except for per share data) | | Continuing operations | | | | | | | | | Net loss from continuing operations | $ | (15,816) | | | $ | (10,693) | | | $ | (47,953) | | | $ | (34,182) | | Less: net loss attributable to non-controlling interest | (2,331) | | | (284) | | | (3,220) | | | (2,052) | | | | | | | | | | | Adjustment of redeemable non-controlling interest to maximum redemption value | — | | | (1,891) | | | — | | | 6,945 | | | Net loss from continuing operations available to common shareholders | $ | (13,485) | | | $ | (8,518) | | | $ | (44,733) | | | $ | (39,075) | | | Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | Net loss from discontinued operations, net of tax benefit (provision) of $(441), $0, $(441), and $0, respectively, attributable to common shareholders | $ | (295) | | | $ | (1,619) | | | $ | (1,917) | | | $ | (2,977) | | | Denominator | | | | | | | | Weighted average number of common shares outstanding - Basic and diluted (1) | 191,199,880 | | 190,326,678 | | 191,164,090 | | 189,909,906 | | Loss per share - Continuing operations | | | | | | | | | Basic and diluted loss per share | $ | (0.07) | | | $ | (0.04) | | | $ | (0.23) | | | $ | (0.21) | | | Loss per share - Discontinued operations | | | | | | | | | Basic and diluted loss per share | $ | (0.00) | | | $ | (0.01) | | | $ | (0.01) | | | $ | (0.02) | |
| | | | | | | | (1) Potentially dilutive securities representing 13.5 million and 10.6 million shares of common stock were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2025 and 2024, respectively, as their effect would have been antidilutive. |
As of June 30, 2025, there were approximately 191.1 million shares of Subordinate Voting Shares and Multiple Voting Shares issued and outstanding, which excluded 0.1 million fully vested RSUs that are not contractually issuable until the earlier of a defined triggering event or the award anniversary date, either December 1, 2030 or December 1, 2031.
As of June 30, 2025, there were 9,496 warrants outstanding, each exercisable for one Subordinate Voting Share at an exercise price of $23.76, with an expiration date of December 30, 2025.
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