Basic earnings per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants using the treasury stock method, and convertible debt and preferred stock using the if-converted method.

The Company considered the two-class method in calculating the basic and diluted earnings per share; however, it was determined there was no impact to the calculation of basic and diluted net income (loss) per share attributable to common shareholders as Class A and Class B common stock share in the same earnings and profits; thus, having no impact on the calculation.

All share and per share amounts in the earnings per share calculation and dilutive share calculations below have been affected for the Reverse Stock Split, retroactively, for all periods presented.

The Company has calculated the basic and diluted earnings per share during the three months ended March 31, 2026 and 2025 as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss attributable to CaliberCos Inc.	$	(3,619)	$	(4,407)

Convertible debt interest	—		21

Net loss attributable to common shareholders of CaliberCos Inc.	$	(3,619)	$	(4,386)
Denominator:





Weighted average shares outstanding - basic and diluted	7,000		1,146

Basic and diluted net loss per share attributable to common shareholders	$	(0.52)	$	(3.85)

The number of antidilutive shares consisted of the potential exercise of stock options and warrants, as well as the potential conversion of preferred shares and convertible debt. The following table summarizes these potential exercises and conversions during the three months ended March 31, 2026 and 2025, which have been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):


	Three Months Ended March 31,
	2026	2025
Additional common shares, if stock options were exercised	92	115
Additional common shares, if warrants were exercised	129	(60)
Additional common shares, if preferred shares were converted	6,255	145
Additional common shares, if convertible debt were converted	10	17
	6,486	217