Note 12 - Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

12. INCOME (LOSS) PER SHARE

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income (loss) by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and unvested shares of restricted common stock, which are measured using the treasury stock method. When the Company recognizes a net loss, as was the case for the years ended December 31, 2023 and 2022, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share. Unvested shares of restricted stock participate in dividend distributions; however, they do not participate in losses.  The Company had net losses for both years ended December 31, 2023 and 2022, and therefore the dividends attributable to participating securities are not included as a reduction in the calculation of loss attributable to common shareholders.

The following table sets forth the calculation of basic and diluted net income (loss) per share for the years ended December 31, 2023 and 2022:

	2023			2022
	(in thousands except per share data)
Net income (loss) attributable to common shareholders	$	(32,356	)	$	(963	)
Basic weighted-average common shares outstanding		25,322			24,668
Dilutive effect of potentially dilutive securities		-			-
Diluted weighted-average common shares outstanding		25,322			24,668
Basic net income (loss) per share	$	(1.28	)	$	(0.04	)
Diluted net income (loss) per share	$	(1.28	)	$	(0.04	)

For the years ended December 31, 2023 and 2022, potentially dilutive securities were excluded from the calculation of weighted average shares because they were anti-dilutive are as follows:

	2023		2022
	(in thousands)
Stock options		23		28
Unvested shares of restricted stock		855		687
Total		878		715