| Summary of Basic and Diluted Net Income (Loss) Per Common Share |
The Company calculates basic and diluted earnings per share as follows:
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For the six-month periods ended June 30, |
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2025 |
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2026 |
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Basic EPS |
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Diluted EPS |
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Basic EPS |
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Diluted EPS |
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Numerator |
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Net income |
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24,050,420 |
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24,050,420 |
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62,779,787 |
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62,779,787 |
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Less: Cumulative dividends on Series A Preferred Shares |
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(870,492 |
) |
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(870,492 |
) |
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(870,492 |
) |
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(870,492 |
) |
Less: Undistributed earnings allocated to non-vested shares |
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(869,583 |
) |
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(837,909 |
) |
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(1,041,668 |
) |
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(1,041,668 |
) |
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Net income attributable to common shareholders |
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22,310,345 |
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22,342,019 |
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60,867,627 |
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60,867,627 |
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Denominator |
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Weighted average number of shares outstanding, basic |
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33,107,097 |
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33,107,097 |
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45,338,067 |
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45,338,067 |
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Options to purchase common shares |
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— |
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140,727 |
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— |
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223,526 |
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Warrants |
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— |
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1,159,549 |
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— |
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2,313,080 |
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Effect of dilutive shares |
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— |
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1,300,276 |
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— |
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2,536,606 |
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Weighted average number of shares outstanding, diluted |
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— |
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34,407,373 |
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— |
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47,874,673 |
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Earnings per share |
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0.67 |
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0.65 |
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1.34 |
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1.27 |
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