Note 7 - Loss Per Common Share

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

7. Loss Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260, “Earnings Per Share,” using the two-class method because the Company’s unvested RSAs are a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options, RSUs and PSUs. The dilutive effect of stock options, RSUs and PSUs is determined using the treasury stock method.

The following table reconciles loss per common share:

	Three Months Ended March 31,
	2023			2022
Basic Loss per Common Share:
Net loss attributable to common shares — basic	$	(14,040	)	$	(17,781	)
Weighted average common shares outstanding — basic		20,093			17,344
Basic loss per common share	$	(0.70	)	$	(1.03	)
Diluted Loss per Common Share:
Net loss attributable to common shares — diluted	$	(14,040	)	$	(17,781	)
Weighted average common shares outstanding — diluted		20,093			17,344
Diluted loss per common share	$	(0.70	)	$	(1.03	)

The following table indicates the common stock equivalents related to stock options, RSUs and PSUs that were anti-dilutive and excluded from diluted earnings per common share calculations:

	March 31,		March 31,
	2023		2022
Anti-dilutive shares due to:
Exercise prices higher than the average market price		51		50
Net loss		59		—