Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent preferred stock in which the holders have non-forfeitable rights to receive dividends. Net Income (loss) attributable to common shareholders is determined by subtracting earnings and dividends attributable to the various classes of preferred stock, as well as earnings and dividends attributed to restricted share units, from net income.

The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net income (loss) - basic and diluted	$	(39,205	)	$	(219	)	$	(40,268	)	$	(8,312	)
Net (income) loss attributable to non- controlling interests		115			-			115			-
Earnings allocated to participating securities		(4,420	)		(2,367	)		(5,507	)		(3,540	)
Net income (loss) attributable to common stockholders - basic and diluted	$	(43,510	)	$	(2,586	)	$	(45,660	)	$	(11,852	)

Denominator:
Weighted average shares outstanding - basic and diluted		17,144			5,461			15,948			5,060

Net income (loss) per common share - basic and diluted	$	(2.54	)	$	(0.47	)	$	(2.86	)	$	(2.34	)

The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Series B Preferred Stock		46,483		18,476		46,483		18,476
Series C Preferred Stock		-		56,000		-		56,000
Series D Preferred Stock		-		-		-		-
Restricted Stock Units		106,440		-		106,440		-
Restricted Stock		358,893		-		358,893		-
Total		511,816		74,476		511,816		74,476