Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or otherwise result in the issuance of common stock that shared in the earnings of the entity. Diluted EPS also utilizes the treasury stock method which prescribes a theoretical buy back of shares from the theoretical proceeds of all options outstanding during the period, and the if-converted method for convertible debt.

The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands):


	For the three months ended
	March 31, 2024		March 31, 2023
Net (loss) income - basic	$	(6,265)	$	550
Interest on unsecured convertible promissory note	—		60
Net (loss) income - diluted	$	(6,265)	$	610

Weighted average shares outstanding - basic	18,045		16,748
Diluted shares- Stock Options	—		22
Diluted shares- Stock Warrants	—		1,051
Unsecured convertible promissory note	—		240
Weighted average shares outstanding - diluted	18,045		18,061

The following table represents the number of securities excluded from the income per share computation as a result of their anti-dilutive effect (in thousands):


	For the three months ended
Anti-dilutive securities	March 31, 2024	March 31, 2023
Common stock purchase warrants	376	581
Stock options	4,452	870

Anti-dilutive securities	4,828	1,451