Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2026

Note 12 – Earnings (Loss) per Share

The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares.


(in thousands except per share amounts)	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator - Basic and Diluted
Net loss	$	(6,128	)	$	(28,506	)	$	(36,446	)	$	(50,708	)
Preferred dividends		(1,225	)		(1,225	)		(2,450	)		(2,450	)
Net loss attributable to common shareholders - Basic and Diluted	$	(7,353	)	$	(29,731	)	$	(38,896	)	$	(53,158	)

Denominator - Basic and Diluted
Weighted-average Class A common shares outstanding		56,324			56,324			56,324			56,304
Weighted-average Class A common shares outstanding - Basic		56,324			56,324			56,324			56,304
Weighted-average Class A common shares outstanding - Diluted		56,324			56,324			56,324			56,304

Loss per share attributable to Class A common shareholders - Basic	$	(0.13	)	$	(0.53	)	$	(0.69	)	$	(0.94	)
Loss per share attributable to Class A common shareholders - Diluted	$	(0.13	)	$	(0.53	)	$	(0.69	)	$	(0.94	)

No adjustments were made to the numerator for the three and six months ended June 30, 2026 and 2025, respectively, because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses.

No adjustments were made to the denominator for the three and six months ended June 30, 2026 and 2025, respectively, as there were no outstanding non-vested restricted shares.