Note 3 - Earnings Per Share

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

3

– EARNINGS PER SHARE

Earnings per common share is computed by dividing net income available to common shareholders, by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares issuable upon the exercise of stock options (if such option is an equity instrument, using the treasury stock method), unvested performance-based share units, unvested restricted share units, unvested restricted shares and warrants. For the year ended

December 31, 2017,

there were

no

dilutive shares because the Company had a net loss. For the years ended

December 31, 2018 

and

2016,

the Company determined, using the treasury method, there were

961,866

 and

806,950,

respectively, of dilutive common shares related to stock-based compensation.

As of

December 31, 2018,

2017

and

2016,

10,088,074,

10,656,520

and

11,186,387

warrants, respectively, to purchase common stock at a price of

$11.50

per share were outstanding. The Company determined these warrants were anti-dilutive for the years ended

December 31, 2017

and

2016,

and were

not

considered in the calculation of diluted weighted average shares for those years.

For the years ended

December 31, 2018,

2017

and

2016,

the Company calculated earnings per share as follows:

	For the years ended December 31,
(In thousands, except share and per share data)	2018		2017			2016
Net income (loss) available to common stockholders	$	11,352	$	(8,661	)	$	4,864
Weighted average shares outstanding:
Total weighted average shares outstanding, basic		45,378,188		44,576,912			45,649,971
Dilutive potential common shares		961,866		-			806,950
Total weighted average shares outstanding, diluted		46,340,054		44,576,912			46,456,921
Net income (loss) per share available to common stockholders
Basic	$	0.25	$	(0.19	)	$	0.11
Diluted	$	0.24	$	(0.19	)	$	0.10