| Net Income per Common Share |
The calculation of net income per common share is summarized below:
|
|
For the years ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
21,242
|
|
|
$
|
43,472
|
|
|
$
|
2,282
|
|
|
Less: Dividends to non-vested participating securities
|
|
|
(133
|
)
|
|
|
(549
|
)
|
|
|
(61
|
)
|
|
Less: Undistributed earnings to non-vested participating securities
|
|
|
(279
|
)
|
|
|
(980
|
)
|
|
|
(10
|
)
|
|
Net income attributable to common shareholders, basic
|
|
$
|
20,830
|
|
|
$
|
41,943
|
|
|
$
|
2,211
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed earnings to non-vested participating securities
|
|
$
|
279
|
|
|
$
|
980
|
|
|
$
|
10
|
|
|
Undistributed earnings reallocated to non-vested participating securities
|
|
|
(279
|
)
|
|
|
(974
|
)
|
|
|
(10
|
)
|
|
Net income attributable to common shareholders, diluted
|
|
$
|
20,830
|
|
|
$
|
41,949
|
|
|
$
|
2,211
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic
|
|
|
20,471,002
|
|
|
|
19,745,379
|
|
|
|
18,394,419
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
|
|
|
66,794
|
|
|
|
134,497
|
|
|
|
48,269
|
|
|
Weighted average common shares outstanding, diluted
|
|
|
20,537,796
|
|
|
|
19,879,876
|
|
|
|
18,442,688
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common shareholders, basic
|
|
$
|
1.02
|
|
|
$
|
2.12
|
|
|
$
|
0.12
|
|
|
Net income per share attributable to common shareholders, diluted
|
|
$
|
1.01
|
|
|
$
|
2.11
|
|
|
$ |
0.12 |
|
|