Basic earnings per share represents net income attributable to stockholders divided by the weighted average number of common stock outstanding during the reported period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted earnings per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if converted method, as applicable.

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic earnings per share attributable to common stockholders:


	Three Months Ended March 31,
	2026		2025
Net income	$	7,266,192	$	5,399,026
Less: net (income) loss attributable to noncontrolling interest	—		(759,443)
Less: dividends declared on the series A convertible preferred stock	(93,750)		—
Net income attributable to common stockholders for basic earnings per share	7,172,442		4,639,583
Weighted average shares outstanding for basic earnings per share	96,775,889		96,193,199
Basic earnings per share	$	0.07	$	0.05

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders:


	Three Months Ended March 31,
	2026		2025
Net income attributable to common stockholders for basic earnings per share	7,172,442		4,639,583
Numerator used to calculate diluted earnings per share	7,172,442		4,639,583

Weighted average shares outstanding for basic earnings per share	96,775,889		96,193,199
Effect of dilutive shares outstanding:
RSUs	2,269,755		1,227,946
Series A preferred stock	500,000		77,778
Weighted average shares for diluted earnings per share	99,545,644		97,498,923
Diluted earnings per share	$	0.07	$	0.05

The following potentially dilutive outstanding securities were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: