| Reconciliation of basic and diluted income (losses) per common share |
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 June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Net income (loss) |
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$ |
(5,022 |
) |
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$ |
4,324 |
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$ |
2,506 |
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$ |
3,594 |
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Net income allocated to preferred shares |
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(5,096 |
) |
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(5,282 |
) |
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(10,210 |
) |
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(10,595 |
) |
Net (income) loss allocable to non-controlling interest, net of taxes |
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(2,401 |
) |
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226 |
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(5,838 |
) |
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410 |
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Net loss allocable to common shares |
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$ |
(12,519 |
) |
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$ |
(732 |
) |
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$ |
(13,542 |
) |
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$ |
(6,591 |
) |
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Weighted average number of common shares outstanding: |
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Weighted average number of common shares outstanding - basic |
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6,693,915 |
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6,858,629 |
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6,626,763 |
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6,914,128 |
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Weighted average number of warrants outstanding (1) |
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— |
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391,995 |
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— |
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391,995 |
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Total weighted average number of common shares outstanding - basic |
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6,693,915 |
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7,250,624 |
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6,626,763 |
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7,306,123 |
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Effect of dilutive securities - unvested restricted stock(2) |
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— |
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— |
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— |
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— |
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Weighted average number of common shares outstanding - diluted |
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6,693,915 |
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7,250,624 |
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6,626,763 |
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7,306,123 |
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Net loss per common share - basic |
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$ |
(1.87 |
) |
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$ |
(0.10 |
) |
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$ |
(2.04 |
) |
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$ |
(0.90 |
) |
Net loss per common share - diluted |
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$ |
(1.87 |
) |
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$ |
(0.10 |
) |
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$ |
(2.04 |
) |
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$ |
(0.90 |
) |
(1)See Note 11 for further details regarding the warrants. (2)Excludes 19,388 and 150,172 and 207,822 and 319,687 shares of common stock as they were anti-dilutive for the three and six months ended June 30, 2026 and 2025, respectively.
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