Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding and excludes any unvested restricted share units issued pursuant to the 2023 LTIP.

Diluted earnings (loss) per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted share units. During periods of net loss, the assumed vesting of restricted share units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


		Six Months Ended June 30,				Three Months Ended June 30,
		2024		2023		2024		2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders		$	(32,486)	$	(35,698)	$	(9,783)	$	(15,022)

Denominator for loss per share:
Weighted average common shares outstanding		39,094		37,172		39,616		37,172
Denominator for basic and diluted loss per share		39,094		37,172		39,616		37,172
Weighted average unvested restricted share units		1,210		37		1,435		38
Denominator for diluted loss per share	(1)	39,094		37,172		39,616		37,172

Loss per weighted average common share:
Basic		$	(0.83)	$	(0.96)	$	(0.24)	$	(0.40)
Diluted		$	(0.83)	$	(0.96)	$	(0.24)	$	(0.40)

(1) If the Company sustains a net loss for the period presented, unvested restricted share units are not included in the diluted earnings per share calculation.