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12.
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Earnings (Loss) per Share
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The following is the computation of earnings (loss) per basic and diluted share:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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(in thousands, except share and per share data)
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2023
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|
2022
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|
2023
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|
2022
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Numerator:
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Net earnings (loss) attributable to common shareholders
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$ |
(237 |
) |
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$ |
646 |
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|
$ |
(486 |
) |
|
$ |
554 |
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Add: After tax effect of convertible notes interest
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|
|
4 |
|
|
|
4 |
|
|
|
12 |
|
|
|
12 |
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Net earnings (loss) attributable for dilutive securities
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$ |
(233 |
) |
|
$ |
650 |
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$ |
(474 |
) |
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$ |
566 |
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Denominator:
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Weighted average number of common shares - basic
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493,968 |
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493,968 |
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493,968 |
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|
493,968 |
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Dilutive effect of:
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|
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Shares issuable upon conversion of convertible notes payable
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|
- |
|
|
|
250,656 |
|
|
|
- |
|
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|
250,656 |
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Shares issuable upon conversion of 95,226 Class A Preferred Shares
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|
- |
|
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4,380 |
|
|
|
- |
|
|
|
4,380 |
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Shares issuable upon conversion of 231,944 Class C Preferred Shares
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|
|
- |
|
|
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2,319,440 |
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|
|
- |
|
|
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2,319,440 |
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Weighted average number of common shares - dilutive
|
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493,968 |
|
|
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3,068,444 |
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|
|
493,968 |
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3,068,444 |
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Basic loss per common share:
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|
|
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Net loss available to common shareholders
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$ |
(0.48 |
) |
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$ |
1.31 |
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$ |
(0.98 |
) |
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$ |
1.12 |
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Diluted loss per common share:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss available to common shareholders
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$ |
(0.47 |
) |
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$ |
0.21 |
|
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$ |
(0.96 |
) |
|
$ |
0.18 |
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In periods when we incur a net loss, the computation of diluted earnings per share for each of the periods above excludes shares issuable upon conversion of the Company’s Class A Preferred Shares, Class C Preferred Shares and convertible notes payable because the effect of the conversions would be anti-dilutive. Similarly, outstanding options and restricted Common Shares were not included in the computation of diluted earnings per share for each of the periods above because they would be anti-dilutive.
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