Basic net income (loss) per share (“EPS”) is calculated by dividing net earnings (loss) by the weighted average number of common shares outstanding during the period. Potentially dilutive securities include warrants, shares of the Series A Preferred Stock, shares of restricted stock, restricted stock units, and former employee stock options.

Diluted EPS reflects the assumed exercise or conversion of all dilutive securities. The Series A Preferred Stock was considered participating securities for the purposes of the Company's EPS calculation.


	Three Months Ended March 31,
	2026		2025
Basic net loss per common share calculation:
Net loss attributable to Sonida shareholders	$	(41,228)	$	(12,529)
Less: Dividends on Series A Preferred Stock	(1,093)		(1,409)
Less: Deemed dividend on induced conversion of Series A convertible preferred stock	(19,069)		—

Net loss attributable to common shareholders	$	(61,390)	$	(13,938)
Weighted average shares outstanding — basic	25,694		18,047
Basic net loss per share	$	(2.39)	$	(0.77)

Diluted net loss per common share calculation:
Net loss attributable to common shareholders	$	(61,390)	$	(13,938)
Weighted average shares outstanding — diluted	25,694		18,047
Diluted net loss per share	$	(2.39)	$	(0.77)


	Three Months Ended March 31,
(shares in thousands)	2026	2025
Weighted average shares outstanding - diluted reconciliation:
Weighted average shares outstanding — basic	25,694	18,047


Weighted average shares outstanding — diluted	25,694	18,047

The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:


	Three Months Ended March 31,
(shares in thousands)	2026	2025
Warrants	1,031	1,031
Series A Preferred Stock (if converted)	1,228	1,281
Restricted stock awards	658	885
Restricted stock units	488	5
Stock options	10	10

Total	3,415	3,212