Earnings per share

12 Months Ended

Dec. 31, 2023

9.	Earnings per share

The Company calculates basic and diluted earnings per share as follows:


	For the period from July 25, 2022 to December 31, 2022		For the year ended December 31, 2023

Numerator
Net income		551,586		9,291,912
Less: Cumulative dividends on Series A Perpetual Convertible Preferred Shares		—		(404,167	)
Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares (Note 8)		—		(171,968	)
Less: Undistributed earnings allocated to non-vested shares		—		(188,357	)

Net income attributable to common shareholders, basic and diluted		551,586		8,527,420

Denominator
Weighted average number of shares outstanding, basic		31,826		54,217
Weighted average number of shares outstanding, diluted		74,683		146,116

Earnings per share, basic		17.33		157.28
Earnings per share, diluted		7.39		63.08

As of December 31, 2023 and

2022

, diluted earnings per share reflects the potential dilution from conversion of outstanding Series A Preferred Shares (Note 8) calculated with the “if converted” method. 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 of unexercised Class A warrants and

non-vested

share awards, calculated with the treasury stock method. As of December 31, 2023, The number of common shares that can potentially be issued under the outstanding Class A warrants are

47,650

common shares (Note 8) and

the

aggregate number of unvested shares were

7,947

(Note 14).