v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity  
Equity

10.

Equity

Earnings Per Share

Earnings per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares outstanding during the period. Stock-based payment awards are included in the calculation of diluted income using the treasury stock method if dilutive.

For the three and six months ended June 30, 2026 and 2025, loss per share attributable to common stockholders is computed as follows:  

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  ​ ​ ​

Three months ended June 30, 

  ​ ​ ​

Six months ended June 30, 

  ​ ​ ​

in thousands, except per share data

  ​ ​ ​

2026

  ​ ​

2025

  ​ ​ ​

2026

  ​ ​

2025

  ​ ​ ​

Numerator - Basic

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Net loss

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$

(10,108)

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$

(14,424)

​

$

(53,861)

​

$

(45,962)

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Preferred distributions to noncontrolling interest in subsidiary

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​

(350)

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​

(350)

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​

(700)

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​

(700)

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Net loss attributable to common stockholders - basic and diluted

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$

(10,458)

​

$

(14,774)

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$

(54,561)

​

$

(46,662)

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Denominator

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Weighted average shares outstanding - basic

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​

12,802

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12,695

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​

12,792

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​

12,695

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Effect of dilutive securities

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—

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—

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—

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—

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Weighted average shares outstanding - diluted

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12,802

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12,695

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12,792

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12,695

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Net loss per share attributable to common stockholders - basic and diluted

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$

(0.82)

​

$

(1.16)

​

$

(4.27)

​

$

(3.68)

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​

The calculation of diluted earnings per share attributable to common stockholders excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive:  

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Three months ended

  ​ ​ ​

Six months ended

in thousands

  ​ ​ ​

June 30, 2026

  ​ ​ ​

June 30, 2026

Shares issuable upon exercise of restricted stock and restricted stock units

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​

39

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​

98

Shares issuable upon exercise of stock options

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​

—

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​

—

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Noncontrolling Interest in Subsidiary

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On July 31, 2024, a subsidiary of HHH that became our subsidiary in connection with the Separation, issued 10,000 shares of 14.000% Series A preferred stock, par value $0.01 per share, with an aggregate liquidation preference of $10.0 million. The Series A Preferred Stock ranks senior to the Company’s interest in our subsidiary with respect to dividend rights and rights upon liquidation, dissolution or winding up of the subsidiary. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed. The Series A Preferred Stock is not redeemable by the Company prior to July 11, 2029 except under limited circumstances intended to preserve certain tax benefits for HHH. Upon consolidation, the issued and outstanding preferred share interest is shown as Noncontrolling interest in subsidiary in our Consolidated Balance Sheet as of June 30, 2026 and as of December 31, 2025 and the related dividends are reflected as Preferred distributions to noncontrolling interest in subsidiary in our Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025.