Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

The Company has no participating securities outstanding during the periods presented. Therefore, the two-class method is not applicable.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended June 30,
	2026		2025
Numerator:
Net income (loss)	$	(8,012,905)	$	3,690,773
Less: preferred stock dividends	(1,185,043)		(1,185,042)
Net income (loss) available to common stockholders	$	(9,197,948)	$	2,505,731

Denominator:
Weighted-average shares of common stock outstanding - basic and diluted	52,459,976		52,332,304

Earnings (loss) per share:
Basic and diluted	$	(0.18)	$	0.05


	Six Months Ended June 30,
	2026		2025
Numerator:
Net income (loss)	$	(7,806,322)	$	3,168,205
Less: preferred stock dividends	(2,370,001)		(2,370,000)
Net income (loss) available to common stockholders	$	(10,176,323)	$	798,205

Denominator:
Weighted-average shares of common stock outstanding - basic and diluted	52,430,232		52,321,157

Earnings (loss) per share:
Basic and diluted	$	(0.19)	$	0.02

There were no potentially dilutive securities outstanding during the periods presented that would have been dilutive, or any anti-dilutive effects requiring exclusion. As a result, basic and diluted earnings (loss) per share are the same.