Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Earnings Per Common Share [Abstract]

Earnings Per Common Share

17. Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024.

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net income (loss)		$	(4,719,000	)		$	4,047,000			$	3,942,000			$	7,734,000
Less net income (loss) attributable to noncontrolling interests			—				7,000				(3,000	)			6,000
Net income available to common stockholders		$	(4,719,000	)		$	4,040,000			$	3,945,000			$	7,728,000

Weighted-average common shares outstanding - basic			40,399,958				39,890,606				40,296,571				39,830,002
Dilutive effect of unvested shares			422,481				—				239,021				—
Weighted-average common shares used to compute diluted loss per share			40,822,439				39,890,606				40,535,592				39,830,002

Net income (loss) per share attributable to common stockholders:
Basic		$	(0.12	)		$	0.10			$	0.10			$	0.19
Diluted		$	(0.12	)		$	0.10			$	0.10			$	0.19

Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by adjusting the weighted-average number of common shares outstanding for the potential dilutive effect of securities, if applicable. For the three and six months ended June 30, 2025, the Company had 0 and 300,000 antidilutive shares outstanding, respectively. These restricted stock units were excluded from the computation of diluted net income per share because the effect would be anti-dilutive. The Company had no anti-dilutive shares outstanding as of December 31, 2024.