v3.26.3
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per share
8.
Earnings per share
The Company calculates basic and diluted earnings per share as follows:
 
            For the six-month periods ended June 30,  
     2025      2026  
     Basic EPS      Diluted EPS      Basic EPS      Diluted EPS  
Numerator
            
Net income
      24,050,420        24,050,420        62,779,787        62,779,787  
Less: Cumulative dividends on Series A Preferred Shares
      (870,492 )       (870,492 )       (870,492 )       (870,492 ) 
Less: Undistributed earnings allocated to non-vested shares
      (869,583 )       (837,909 )       (1,041,668 )       (1,041,668 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income attributable to common shareholders
      22,310,345        22,342,019        60,867,627        60,867,627  
  
 
 
     
 
 
     
 
 
     
 
 
  
Denominator
            
Weighted average number of shares outstanding, basic
      33,107,097        33,107,097        45,338,067        45,338,067  
  
 
 
     
 
 
     
 
 
     
 
 
  
Options to purchase common shares
      —         140,727        —         223,526  
Warrants
      —         1,159,549        —         2,313,080  
Effect of dilutive shares
      —         1,300,276        —         2,536,606  
  
 
 
     
 
 
     
 
 
     
 
 
  
Weighted average number of shares outstanding, diluted
      —         34,407,373        —         47,874,673  
  
 
 
     
 
 
     
 
 
     
 
 
  
Earnings per share
      0.67        0.65        1.34        1.27  
  
 
 
     
 
 
     
 
 
     
 
 
  
As of June 30, 2026, the most dilutive method was the two-class method and the diluted earnings per share reflects the potential dilution of the unexercised options to acquire common shares calculated using the treasury stock method which resulted in 223,526 incremental shares and of the 3,166,666 Class E warrants that are in the money as of the reporting date calculated using the treasury stock method which resulted in 2,313,080 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because
to do so would have anti-dilutive effect, are any incremental shares, resulting from the
non-vested
restricted share awards and any incremental shares resulting from the exercise of the unexercised Class A, B, C, D, F and G warrants that were
out-of-the
money as of the reporting date, calculated using the treasury stock method. As of June 30, 2026, the aggregate number of common shares issuable upon the exercise of the unexercised Class A, B, C, D, F and G warrants
was 21,358,068.
As of June 30, 2025, the most dilutive method was the
two-class
method and the diluted earnings per share reflects the potential dilution of the unexercised options to acquire common shares calculated using the treasury stock method which resulted in 140,727 incremental shares and of the 4,199,999 Class E warrants that are in the money as of the reporting date calculated using the treasury stock method which resulted in 1,159,549 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares
,
 resulting from the
non-vested
restricted share awards and any incremental shares resulting from the exercise of the unexercised Class A, B, C and D warrants that were
out-of-the
money as of the reporting date, calculated using the treasury stock method. As of June 30, 2025, the aggregate number of common shares issuable upon the exercise of the unexercised Class A, B, C and D warrants was 2,310,268.