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NET INCOME (LOSS) PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE

7. NET INCOME (LOSS) PER COMMON SHARE

 

The following table reconciles the weighted-average shares outstanding for basic and diluted net income (loss) per common share for the years ended December 31, 2025 and 2024:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
   ($ in thousands, except share and per share amounts) 
Basic and Diluted:          
Net income (loss) attributable to common shareholders  $3,892   $(4,459)
Weighted-average common shares used to compute basic income (loss) per share   37,792,428    16,146,975 
Weighted-average common shares used to compute diluted income (loss) per share   37,953,828    16,146,975 
Net income (loss) attributable to common shareholders per share - basic and diluted  $0.10   $(0.28)

 

The net income (loss) attributable to common shareholders includes the preferred stock dividend amounts earned for the year ended December 31, 2025 of approximately $6.9 million and the preferred stock dividend amount earned, but not declared, for the year ended December 31, 2024 of approximately $12.3 million. The dividend payable at December 31, 2025 and 2024 in the consolidated balance sheets represents dividends declared, but not paid, through December 31, 2025 and 2024, respectively.

 

At December 31, 2025, the 161,400 unvested common stock restricted stock units (“RSUs”) as discussed in Note 16 were included in the above earnings per share calculation but did not change the amount. At December 31, 2024, the 242,500 unvested equity RSUs were excluded from the above earnings per share calculation as they were anti-dilutive.