The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts):
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|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Net income (loss) |
|
$ |
7,528 |
|
|
$ |
(730 |
) |
Net income allocated to preferred shares |
|
|
(5,114 |
) |
|
|
(5,313 |
) |
Net (income) loss allocable to non-controlling interest, net of taxes |
|
|
(3,437 |
) |
|
|
184 |
|
Net loss allocable to common shares |
|
$ |
(1,023 |
) |
|
$ |
(5,859 |
) |
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
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|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
|
6,558,864 |
|
|
|
6,970,241 |
|
Weighted average number of warrants outstanding (1) |
|
|
— |
|
|
|
391,995 |
|
Total weighted average number of common shares outstanding - basic |
|
|
6,558,864 |
|
|
|
7,362,236 |
|
Effect of dilutive securities - unvested restricted stock(2) |
|
|
— |
|
|
|
— |
|
Weighted average number of common shares outstanding - diluted |
|
|
6,558,864 |
|
|
|
7,362,236 |
|
|
|
|
|
|
|
|
Net loss per common share - basic |
|
$ |
(0.16 |
) |
|
$ |
(0.80 |
) |
Net loss per common share - diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.80 |
) |
(1)See Note 11 for further details regarding the warrants. (2)Excludes 280,955 and 431,552 shares of common stock as they were anti-dilutive for the three months ended March 31, 2026 and 2025, respectively.
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